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hrslady59
New Member

What is this total cost basis on an inheirted IRA?

and how do I calculate it
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1 Reply
RichardG
New Member

What is this total cost basis on an inheirted IRA?

Unless the deceased account owner made nondeductible contributions to the IRA (that's not likely), you have no basis in the account.  Inherited IRAs are known as "income in respect of a decedent," which mean you continue to pay income tax on distributions from the account just like the former account owner did.  The most likely answer is zero.

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