swongtax
Level 4
11-09-2020
06:58 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thank you!
1. I found details to my question: Inherited IRAs (no tax basis, all pre-tax contributions) are separate and do not affect pro-rata calculations when considering taxable consequences for Backdoor ROTH IRAs.
2. If there is a RMD from an inherited IRA, Form 1099-R box must be checked where it says that it was inherited from a non-spouse, this distribution amount will then not link onto Form 8606 to decrease the Non-deductible IRA contribution.
This is in Proseries Basic.