You'll need to sign in or create an account to connect with an expert.
The question means that the program is asking you if this was always your account, or did you inherit it from someone else who passed away.
Sounds like the answer is no, you did not inherit the account.
It's asking if this was a distribution from an inherited IRA. A code 4 in box 7 indicates that it is a distribution from an inherited IRA (which should make it unnecessary for TurboTax to ask this question, but TurboTax asks anyway).
Note that a non-spouse beneficiary is not permitted to roll over a code 4 distribution, so if you indicate that it's an inherited IRA and you are not the spouse of the decedent, TurboTax will not allow you to report the distribution as having been rolled over (which is fine in this case since you apparently did not attempt to roll this distribution over).
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
nono4taxes
Level 2
jdcs311
Returning Member
rdw1095
Level 1
thecrowleygirl
Level 2
kojajt
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.