What is the income from? If this is a cash inheritance, then it is not included on your federal return. A few states may tax it.
If this was from a property sale, then that event does need to be recorded in the Investment section. It may or may not be taxable depending on the increase in value from the date you inherited it.
Comment back, so that I may direct you to the correct location.
The income came as a result of my wife being the beneficiary of an IRA that was owned by my mother in law. After her death, a portion of the proceeds of the IRA were distributed to my wife in cash. As we file jointly, I am assuming it needs to be reflected in our income.
You should receive a 1099-R form for the distribution. Contact the payer if you have not. The distribution codes on the form (box 7) are important to determine the tax treatment and the flow to your return (and the follow up questions).You are correct that inherited IRA proceeds need to be reported. To enter in TurboTax:
• In your open return, select My Account
• Tools
• Topic Search
• Type '1099-r' in the box, then select GO