turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

ThaTea
New Member

Re: 1099B issued to a trust with an inherited and/or transfered aka " recharacterized " IRA

Usually there would be a 5498.  Here is more information to help with your IRA:

Box 15a. Shows the FMV of the investments in the IRA that are specified in the categories identified in box 15b.
Box 15b. The following codes show the type(s) of investments held in your account for which the FMV is required to be reported in box 15a.
A—Stock or other ownership interest in a corporation that is not readily tradable on an established securities market.
B—Short- or long-term debt obligation that is not traded on an established securities market.
C—Ownership interest in a limited liability company or similar entity (unless the interest is traded on an established securities market).
D—Real estate.
E—Ownership interest in a partnership, trust, or similar entity (unless the interest is traded on an established securities market).
F—Option contract or similar product that is not offered for trade on an established option exchange.
G—Other asset that does not have a readily available FMV.
H—More than two types of assets (listed in A through G) are held in this IRA.

as per www.irs.gov/form5498

 

Please note that you must be of age 59.5 to avoid double withdrawal taxation otherwise ordinary taxation for a simple IRA will apply.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Re: 1099B issued to a trust with an inherited and/or transfered aka " recharacterized " IRA

Do you have a question?

dmertz
Level 15

Re: 1099B issued to a trust with an inherited and/or transfered aka " recharacterized " IRA

Form 1099-B and Form 5498 lines 15a and 15b have nothing to do with each other.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies