Love2Cruise
Level 4

Should I enter the year end balance of the IRA if it was rolled over from a 401K?

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Just-Lisa-Now-
Level 15
Level 15

Is it prompting you for it?  Direct or indirect rollover?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Love2Cruise
Level 4

No it's not prompting me, but wasn't sure if I need to.  No additional funds can be added to it by the beneficiary (my client), correct?  Did I just answer my own question???  🤔  

It's a direct rollover.  401K transferred to an Inherited IRA.

Just-Lisa-Now-
Level 15
Level 15

Id just enter the 1099R as it is, thats all you should need to do.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Love2Cruise
Level 4

In which case, there'll be no basis, correct?

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Just-Lisa-Now-
Level 15
Level 15

Correct


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Love2Cruise
Level 4

I've reviewed the tax packet the client provided and according to the time line of tax documents generated, looks like the only 1099R generated was for the RMD.  Does that sound right?

View solution in original post

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Love2Cruise
Level 4

Thank you so much for you help and suggestions.  So very appreciated!  

Enjoy your evening!!!  Stay healthy and safe! 😊

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