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kaelin-colin
New Member

Why am I receiving a retirement savings contribution credit for a retirement plan I inherited from my father who passed away?

The account was rolled directly into an inherited IRA.
1 Best answer

Accepted Solutions
dmertz
Level 15

Why am I receiving a retirement savings contribution credit for a retirement plan I inherited from my father who passed away?

There would only be no Form 1099-R if it was an inherited IRA that was transferred.  If an account in a qualified retirement plan is what was inherited, it's moved to an inherited IRA by direct rollover and reported on a Form 1099-R.

 

In addition to posting here the code in box 7 of this Form 1099-R, is the IRA/SEP/SIMPLE box marked?

View solution in original post

3 Replies
VolvoGirl
Level 15

Why am I receiving a retirement savings contribution credit for a retirement plan I inherited from my father who passed away?

Did you enter it under Deductions like a new IRA contribution? Only enter it from the 1099R.

macuser_22
Level 15

Why am I receiving a retirement savings contribution credit for a retirement plan I inherited from my father who passed away?

A direct rollover into an inherited IRA does not generate a 1099-R. 

 

What did you enter?  If a 1099-R what code is in box 7?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
dmertz
Level 15

Why am I receiving a retirement savings contribution credit for a retirement plan I inherited from my father who passed away?

There would only be no Form 1099-R if it was an inherited IRA that was transferred.  If an account in a qualified retirement plan is what was inherited, it's moved to an inherited IRA by direct rollover and reported on a Form 1099-R.

 

In addition to posting here the code in box 7 of this Form 1099-R, is the IRA/SEP/SIMPLE box marked?

View solution in original post

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