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Colmatt
Level 5
March 22, 2024

Roth IRA inherited distribution

  • March 22, 2024
  • 3 replies
  • 24 views

In December 2022 inherited  IRA $347,000+

2023 1099-R distribution $26000.

Box 2a Taxable $26000.

Box tax not determined checked

Code 4

IRA box checked

Client is 65

Tax treatment help please and penalty help?  Thank you.

 

 

    3 replies

    C
    ColmattAuthor
    Level 5
    March 22, 2024

    Not Roth, sorry for question title

     

    sjrcpa
    sjrcpa
    Level 15
    March 22, 2024

    @Colmatt Editing is available.

    The more I know the more I don’t know.
      rbynaker
      rbynaker
      Level 13
      March 22, 2024

      Fully taxable unless the deceased had any IRA basis.

        qbteachmt
        qbteachmt
        Level 15
        March 22, 2024

        For "penalty" help, you didn't state if this was taken as RMD, because the deceased was taking RMD already or would have taken it; you didn't tell us if the beneficiary is spouse or not.

        You can google:

        inherited ira 2023

        And confirm you are reading either IRS information, or articles that are dated current, since the rules keep changing. Look for something that at the least references SECURE Act 2.0, like this:

        inherited IRA SECURE act

        Don't yell at us; we're volunteers
          C
          ColmattAuthor
          Level 5
          March 22, 2024

          Thank you.

           

           

           

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