topic 1099-R for withdrawal from IRA I inherited from my Mom. Turbo tax asks if I inherited the IRA from my financial institution. Yes or no. I don't understand the q? in Retirement tax questions

1099-R for withdrawal from IRA I inherited from my Mom. Turbo tax asks if I inherited the IRA from my financial institution. Yes or no. I don't understand the q?

johanas — Sat, 11 Apr 2020 00:58:18 GMT

Re: 1099-R for withdrawal from IRA I inherited from my Mom. Turbo tax asks if I inherited the IRA...

MaryK4 — Sat, 11 Apr 2020 01:23:24 GMT

If you only have the one 1099-R the answer would be Yes. The financial institution is the trustee of the retirement account.

Re: 1099-R for withdrawal from IRA I inherited from my Mom. Turbo tax asks if I inherited the IRA...

fanfare — Sat, 11 Apr 2020 03:49:02 GMT

although the answer is YES, the question is ridiculous and makes no sense.

Re: 1099-R for withdrawal from IRA I inherited from my Mom. Turbo tax asks if I inherited the IRA...

dmertz — Sat, 11 Apr 2020 12:35:50 GMT

The question is a bad attempt at asking, "In regard to this Form 1099-R from [financial institution], is this a distribution from an inherited account?" TurboTax Product Quality has declined to improve the improper wording of this question. It's silly that TurboTax even asks the question since the code in box 7 automatically indicates whether or not the distribution was made to a beneficiary of an inherited account.

Re: 1099-R for withdrawal from IRA I inherited from my Mom. Turbo tax asks if I inherited the IRA...

fanfare — Sat, 11 Apr 2020 14:39:00 GMT

If it said, "Did you inherit this IRA at <financial institution>?"

maybe the confusion would subside a bit.