Non-spousal inherited IRA

[taxtime527]

Client has had non-deductible IRA basis that's been reported on Form 8606 for many years.  He is not 72 and has never taken out of his own IRA's.  However, he inherited an IRA from his father.  Does he use some of his basis from his own non-deductible IRA to reduce the taxable amount of this non-spousal inherited IRA?

[sjrcpa]

No. Inherited IRAs stand alone.

[taxtime527]

That's what I was thinking, too, but how do you get ProSeries to not take the basis off of it?  I checked the box for inherited from "someone other than a spouse" in the IRA entry screen.

[rbynaker · Accepted solution]

It's buggy this year.  Wait for an update that fixes it.

[BobKamman]

@rbynaker 

I bet we could make a lot of money if we trademarked that line. 

[taxtime527]

I think you're right.  I just went back and tried checking the box in the 2019 program and it did not use any of the basis.  Tks!