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cpbond1
New Member

I have taken a Withdrawal from inherited IRA. I figured out the RMD required and have taken out more than that. A little confused how to answer on turbo tax

 
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2 Replies
SabrinaD2
Employee Tax Expert

I have taken a Withdrawal from inherited IRA. I figured out the RMD required and have taken out more than that. A little confused how to answer on turbo tax

To report your inherited IRA withdrawal in TurboTax, follow these steps:

  1. Be sure you are logged in to TurboTax for link below to work:
  2. Enter Form 1099-R:
    1. Go to Wages & Income.
    2. Add a 1099-R.
    3. Enter the information from your 1099-R. In Box 7, the code should be 4 if IRA is inherited
  3. Indicate Inherited IRA:
    1. As you go through the questions, TurboTax will ask if this is an inherited IRA. Select Yes.
    2. Indicate your relationship to the original owner.
  4. Finish the Questions: Complete the remaining questions. TurboTax will guide you through the process and ensure the withdrawal is reported correctly.

For more details, visit the TurboTax support page.

 

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Penny25
Returning Member

I have taken a Withdrawal from inherited IRA. I figured out the RMD required and have taken out more than that. A little confused how to answer on turbo tax

how do i enter turbo tax link to:

  1. Enter Form 1099-R:
    1. Go to Wages & Income.
    2. Add a 1099-R.
    3. Enter the information from your 1099-R. In Box 7, the code should be 4 if IRA is inherited
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