1099-R for withdrawal from IRA I inherited from my Mom. Turbo tax asks if I inherited the IRA from my financial institution. Yes or no. I don't understand the q?

johanas · ‎April 10, 2020

MaryK4 · ‎April 10, 2020

If you only have the one 1099-R the answer would be Yes. The financial institution is the trustee of the retirement account.

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fanfare · ‎April 10, 2020

although the answer is YES, the question is ridiculous and makes no sense.

dmertz · ‎April 11, 2020

The question is a bad attempt at asking, "In regard to this Form 1099-R from [financial institution], is this a distribution from an inherited account?" TurboTax Product Quality has declined to improve the improper wording of this question. It's silly that TurboTax even asks the question since the code in box 7 automatically indicates whether or not the distribution was made to a beneficiary of an inherited account.

fanfare · ‎April 11, 2020

If it said, "Did you inherit this IRA at <financial institution>?"

maybe the confusion would subside a bit.

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1099-R for withdrawal from IRA I inherited from my Mom. Turbo tax asks if I inherited the IRA from my financial institution. Yes or no. I don't understand the q?