topic Non-deductible IRA Form 8606: Inheritance in Get your taxes done using TurboTax

Non-deductible IRA Form 8606: Inheritance

Lisa3588 — Mon, 03 Feb 2020 14:09:01 GMT

In 2019 I inherited a Traditional IRA with non-deductible contributions which show on the Form 8606. I am electing to treat the inherited IRA as my own. I am filing married-joint with my deceased husband. Do I add the values from his 8606 to the values on my 8606 for year end 2019 or do I wait to 2020 when I file single-widow to move the values to my 8606?

Re: Non-deductible IRA Form 8606: Inheritance

DianeC958 — Mon, 03 Feb 2020 17:12:27 GMT

No, you do not need to add the values for the form 8606 to your own form for 2019.

If you are the secondary taxpayer on your Married Filing Joint return you will need to start a new account to file for 2020. Then you will need to add the information for the form 8606.

If you have been the primary taxpayer on your tax return then you can continue to use the same account and the information will carryforward since you inherited the IRA account.

Re: Non-deductible IRA Form 8606: Inheritance

Lisa3588 — Mon, 03 Feb 2020 22:29:33 GMT

Regarding TT, since I have historically filed as Spouse, will TT carry over any of these values into 2020 when I have to start a new return as primary taxpayer?

Re: Non-deductible IRA Form 8606: Inheritance

KurtL1 — Mon, 03 Feb 2020 22:50:35 GMT

Since you are changing the Primary Taxpayer on the return you will need to the prior year carried over information on the Form 8606 for 2019. The information will not carryover from the prior year.