I received a Schedule K-1 from the estate Executor for an IRA. The proceeds were deposited in an Inheritance IRA within the 60 day window. I now need to file an amended return for 2023 to account for this. How do I do this in Turbotax?
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See the following FAQ for instructions to amend a tax return that you filed with TurboTax. (The FAQ says "prior year," but it also applies to 2023.)
How do I amend my federal tax return for a prior year?
Don't file the amended return until your first return has been accepted and you have received the original refund. It is currently taking the IRS 16 weeks or more to process an amended return.
If you need further help, please tell us whether you filed the original tax return with TurboTax Online or the CD/Download TurboTax software.
"The proceeds were deposited in an Inheritance IRA within the 60 day window."
A 60-day rollover to an inherited IRA is not permitted. Such a deposit constitutes an excess contribution subject to a 10% penalty each year that the excess contribution remains in the IRA. Assuming that the deposit was made in 2023 and you filed your 2023 tax return timely, you have until October 15, 2024 to obtain an explicit return of the contribution to avoid the excess contribution penalty. If the deposit was instead made in 2024, you have until April 15, 2025 to obtain the return of contribution.
For the funds to have been deposited into an inherited IRA for your benefit, the funds were required to have been paid directly to the inherited IRA, not paid to you, in which case there would have been no reporting of this as income on the Schedule K-1.
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