Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Inherited IRA checkboxes not working properly?

JaUrbanski
Level 2

For taxpayers that have both a Roth IRA based on their own earnings and an inherited Roth IRA from a grandparent, why does the IRA Info worksheet reduce the Roth IRA basis of the taxpayer's own IRA?  An inherited IRA has its own distribution rules separate and distinct from the rules for distributions from ones' own Roth IRA.  Distributions from the inherited IRA should have no impact on the carryover basis of a "regular" Roth IRA.

On the 1099R worksheet, the third and fourth checkboxes under "Inherited IRA" should be programmed to allow for this situation.  The 2019 and prior ProSeries programs handled this correctly based on the checkboxes, but not 2020!

Labels (1)
5 Replies 5
davidwashington
Level 2

I second the finding.   Inherited IRA is treated separate from other IRA.   It may or may not have basis.   The "inherited" box trigger is not working as it should.

UnoriginalLogin
Level 1

I have the same problem. Tech support is not useful. I spent 40 minutes on hold and all she said was that she was not a tax expert, try to update, etc., and post a question even though I asked to speak with a developer.

JaUrbanski
Level 2

FYI, I called tech support yesterday to ask if anyone from Intuit is monitoring these threads to make sure someone is paying attention to comments.  She asserted that these forums are the primary way Intuit gathers information for updates and we do not also need to call and tell them.

We shall see if anything changes with future updates, but right now they broke this part of the program from 2019 to 2020!

 

0 Cheers
Sweens10
Level 1

I had the same experience.  I did this twice.  Each time I was told that someone would call me back.  No call back occurred.  There should be a chat to directly communicate with technical staff.

0 Cheers
LVCPA1
Level 2

I'm having the same issue, hoping to hear when it is resolved.

0 Cheers