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BarrysTax
Level 1
October 26, 2020

Are Distributions from 1099-R Code 4 taxable to the beneficiary?

  • October 26, 2020
  • 3 replies
  • 15 views

I have a client that received a 1099-R distribution from her father's IRA upon his death. Is that taxable or not due to her stepped up basis due to her father's death? 

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      3 replies

      IRonMaN
      IRonMaN
      Level 15
      October 26, 2020

      It is indeed taxable.

      Slava Ukraini!
        qbteachmt
        qbteachmt
        Level 15
        October 26, 2020

        "due to her stepped up basis due to her father's death"

        There is no Step Up in basis for this type of account or holding.

        If he had basis in that account, she would inherit that basis status.

        Don't yell at us; we're volunteers
          T
          Terry53029Intuit Community Champion
          Intuit Community Champion
          October 26, 2020

          There are new rules concerning inherited IRA's, here is a link to start to research those rules. Also if it is a traditional IRA you need to find out if there is a basis, and if so, there are rules governing that distribution.    https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-beneficiary

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