Both of my parents passed away in 2021 (both well over 72). Each had an IRA that each of the children inherited 1/3. Standard 10 year rule applies. My mother's was rather small and so it was liquidated and distributed entirely in 2022 (after April 15th). Received the 1099-R, no problem. I am confused, however, about RMD questions in TurboTax. Assuming they took their 2021 RMDs and the estate paid the correct taxes on them, how does RMD affect me in 2022?
Similar question (plus another question) for my father's IRA which was larger, and therefore not liquidated.
Question #1: initially, the inherited IRA was opened at the same brokerage my father used. A few months later, we transferred it in full to another inherited IRA at my brokerage. That is not a reportable event, correct?
Question #2: similar to my mother's, after we transferred it to my brokerage, we took a distribution. 1099-R, no problem. Same question though about the RMD questions in TurboTax.
Thanks for your help.
Mom question -RMD must be taken in 2022 in regards to the IRA. She was required, so are inheritors.
Dad
1. A rollover is not a taxable event.
2. All IRA's belonging to deceased must have RMD taken.
See Retirement Topics - Beneficiary for more about your particular situation.