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New Member
posted Apr 10, 2023 3:23:29 PM

When it asks, Did you inherit this IRA. Do you say yes even if it was several years ago??

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2 Replies
Level 15
Apr 10, 2023 3:30:37 PM

Yes.  An inherited IRA is legally different from an IRA that you opened that contains your own contributions.  The rules for withdrawals and so on may be different.

Level 15
Apr 10, 2023 6:41:32 PM

If the Form 1099-R has code 4 in box 7 and the IRA/SEP/SIMPLE box is marked, the distribution is from an inherited traditional IRA.  (TurboTax should be able to figure this out on its own, but doesn't.)  If the IRA/SEP/SIMPLE box is marked but there is some other code is in box 7, the distribution is from your own IRA , not from an inherited IRA.