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New Member
posted Jun 4, 2019 11:05:21 PM

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

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New Member
Jun 4, 2019 11:05:22 PM

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

1 Replies
New Member
Jun 4, 2019 11:05:22 PM

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