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- Enhance the number of Non-Deductible Traditional IRA Form 8606 per taxpayer for inherited Traditional IRA purposes
Enhance the number of Non-Deductible Traditional IRA Form 8606 per taxpayer for inherited Traditional IRA purposes
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Ladle
Level 1
02-08-2024
04:19 PM
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Enhance the number of Non-Deductible Traditional IRA Form 8606 per taxpayer for inherited Traditional IRA purposes.
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2 Comments 2
jofijohnjoseph
Level 7
02-08-2024
06:36 PM
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What purpose would a Form 8606 serve for inherited IRAs?
They cannot be converted to Roth IRAs, so the need to calculate basis is less pressing.
jeepgurlcpa
Level 2
03-10-2024
03:08 PM
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When taking distributions from inherited IRAs with basis, recipient must calculate how much of the distribution is taxable. Each inherited IRA must track separate basis, in addition to the taxpayer who may also have basis.
