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danjreesemail
New Member

Inherited or not?

TurboTax is asking the question "Did Andrea inherit this TD AMERITRADE CLEARING INC IRA"? She inherited the IRA from her father when he died, but it was not in a TD AMERITRADE account at the time -- it was transferred into this account. So is the correct answer "Yes" or "No"?

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dmertz
Level 15

Inherited or not?

Yes, this is an inherited account.  Transferring the account from one financial institution to another cannot change that.  Any distribution from this account should have code 4 in box 7 (unless it's a Roth IRA).

(The current account should be titled as Father, deceased, FBO Daughter, beneficiary, or something like that.  If it's titled in Daughter's name only, that's a problem.)

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1 Reply
dmertz
Level 15

Inherited or not?

Yes, this is an inherited account.  Transferring the account from one financial institution to another cannot change that.  Any distribution from this account should have code 4 in box 7 (unless it's a Roth IRA).

(The current account should be titled as Father, deceased, FBO Daughter, beneficiary, or something like that.  If it's titled in Daughter's name only, that's a problem.)

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