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 rolled over from 401K

Highlighted
Level 3

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

Labels (1)
0 Cheers
1 Solution

Accepted Solutions
Highlighted
Level 3

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

0 Cheers
7 Replies 7
Highlighted
Level 15
Level 15

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


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
0 Cheers
Highlighted
Level 3

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.

Highlighted
Level 15
Level 15

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


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Highlighted
Level 3

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

0 Cheers
Highlighted
Level 3

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

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

0 Cheers
Highlighted
Level 3

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

0 Cheers
Highlighted
Level 15
Level 15

Correct


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪