On the screen "Tell us the value of your traditional IRA," I enter the value and my tax due increases dramatically. Why? Also, why does it not ask for the value of my wife's IRA since we're filing jointly?
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But what if the 1099R is for an inherited IRA? How would you know what the tax basis of an inherited IRA?
To determined the basis in an inherited IRA you would have to review the decedent's tax records, in particular looking for the most recently Forms 8606 filed showing anything in Part I, usually on line 14.
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