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Returning Member
posted Jul 15, 2020 7:11:31 AM

4 Inherited IRA and 403b Questions

I work in the school district as a sub and I received a inherited IRA about 4 years ago. My school has a rams 403(b) plan I make small contributions in, and I take out minimum distributions every year from the inherited IRA.  I get a 1099-R from TD Ameritrade.

 

My RMD's have been: $633 every year (I took out in 2017,18,19, and not yet this year).

Last year I contributed $250 to my 403(b)

 

I have the following questions:

 

  1. Is the inherited IRA a "nonstandard 1099-R"? I'm guessing this is no?
  2. Do I have a basis in my IRA? I'm assuming since I dont contribute to this and I take RMD's? no?
  3. Regard the savers credit: It ask "Did you withdraw money or receive payments from any of these?":
  • A retirement plan like an IRA, Roth IRA, or 401(k) in 2018 or 2017? I picked yes
  • A retirement plan like an IRA, Roth IRA, or 401(k) between January 1, 2020, and the due date? No
  • A 404(k), 414(h), or other non-contributory plan (reported on Form 1099-R)? No

It then ask for me to "Enter your distributions in 2017 and/or 2018", would that be:

Your traditional IRA distributions: 633
Your qualified plan distributions: 0
 

4.) As far as the deductions, it's asking if I have a traditional ira or a roth ira, which I assume I say no? Or is this where I would say I do with my employer (which I'm assuming a 403b is a retirement plan and not the case)?

 

Just wondering if the answers I selected in bold are the correct answers?

 

0 2 493
2 Replies
Level 15
Jul 15, 2020 8:24:04 AM

They sound right.

 

#1 - There is no such thing as a "non-standard 1099-R"  - either it is a 1099-R or is is some other type of form.

 

#2) - If you inherited the IRA then any basis that the deceased had that would be on the last 8606 form file by the deceased on line 14 would become the basis in  the inherited IRA.    If you have no access to the deceased tax records and have no way to find out then your basis is zero.   If there was a basis the  you would need to amend each prior year that you had a distribution since you cannot skip a year to apply the basis so it would probably be better to ignore a small amount of basis.

Returning Member
Jul 15, 2020 2:51:09 PM

Ok great, I just have 1 part left and I'm done. Thanks for the help by the way.

 

It's under the Deductions section, it says:

 

1.) Traditional or Roth IRA contributions by July 15, 2020, it allows me to check or uncheck each box:

 

[  ] Traditional IRA[  ] Roth IRA

 

Should I check traditional ira? Or leave blank?

 

2.) Your 2019 IRA ContributionsFirst, tell us the amount of total 2019 contributions that you made through July 15, 2020.

  • Your total contributions Your total 2019 contributions through July 15, 2020

    I put 0

  • Your contributions Portion you contributed between Jan. 1, 2020, and July 15, 2020. 0

  • Your Employer's Retirement PlanCheck any that apply. (We’ve already checked the box if your W-2s show you were covered by an employer plan.)[  ] I was covered by an employer retirement plan in 2019. I'm assuming dont check since I only have 403(b)?

Tell us the total value of your traditional IRAs as of Dec 31, 2019. Do I have to put the total value of the inherited IRA (Its over 30k)? I'm not sure I put this amount on last year return.

 

You can find this amount on your annual IRA statement(s). If you have more than one traditional IRA, add the value of all the accounts together.