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Retirement

Enter an inherited IRA from someone other than the spouse

When the taxpayer has an inherited IRA from someone other than their spouse, complete the following steps.
  1. Go to the
    Retirement
     folder.
  2. Open the
    1099R
     screen and enter the distribution information.
  3. On the
    1099R-3
     screen, enter an
    X
     in the
    Inherited IRA
     field.
    • The taxable amount is reported on Form 1040, Page 1 and is not reported on Form 8606.
    • For users that have taxpayers with inherited IRAs that make Qualified Charitable Distributions, this box shouldn't be marked.
    • Use this box only when a basis calculation is required on Form 8606. Qualified Charitable Distributions from inherited IRAs are not reported on the 8606, so the box should be unmarked which will allow the deduction to flow through to 1040 page 1.
    • When Qualified Charitable Distributions are made, even from an inherited IRA, the 8606 isn't required. In which case, this box shouldn't be marked.
  4. Attach a separate Form 8606 to the return to report the basis of the inherited IRA.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1040 Individual
  • Subject: Retirement
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