turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

knred
New Member

Turbo tax calculated that I could receive a credit for retirement savings contributions (credit of $XXX) it also asks if I had a distribution from a qualified plan...does a distribution from an IRA -DBA I inherited count as a distribution from qualified p

 
1 Best answer

Accepted Solutions
AndreaG
New Member

Turbo tax calculated that I could receive a credit for retirement savings contributions (credit of $XXX) it also asks if I had a distribution from a qualified plan...does a distribution from an IRA -DBA I inherited count as a distribution from qualified p

It depends. If you are a nonspouse beneficiary, then this distribution will NOT reduce your eligible contributions. Answer no to the question, if this is the only distribution that you have taken from any of the retirement plans that are listed, after 2013 and before the due date of the 2016 tax return. Please refer to page 48 of Pub 590A under the heading, "reducing eligible contributions" for additional clarification. https://www.irs.gov/pub/irs-pdf/p590a.pdf

View solution in original post

1 Reply
AndreaG
New Member

Turbo tax calculated that I could receive a credit for retirement savings contributions (credit of $XXX) it also asks if I had a distribution from a qualified plan...does a distribution from an IRA -DBA I inherited count as a distribution from qualified p

It depends. If you are a nonspouse beneficiary, then this distribution will NOT reduce your eligible contributions. Answer no to the question, if this is the only distribution that you have taken from any of the retirement plans that are listed, after 2013 and before the due date of the 2016 tax return. Please refer to page 48 of Pub 590A under the heading, "reducing eligible contributions" for additional clarification. https://www.irs.gov/pub/irs-pdf/p590a.pdf

Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing

Related Content

Manage cookies