Pub 590-B. Inherited IRAs are considered separately from your own.Retiredjg, that is my understanding as well but would love an IRS statement, circular, or other "authority" (given my long-time IRS employee friend tells me their circulars are guidance but not binding on them).
Even with the RMD, the calc has let me make the contribution, post-tax. Is the inclusion of the RMD on Line 7 a reason to amend an 8606?
Is it worth amending? Not necessarily, but it is worth recalculating in order to have an accurate basis going forward.IRA with basis. If you inherit a traditional IRA from a per-
son who had a basis in the IRA because of nondeductible
contributions, that basis remains with the IRA. Unless you
are the decedent's spouse and choose to treat the IRA as
your own, you can't combine this basis with any basis you
have in your own traditional IRA(s) or any basis in tradi-
tional IRA(s) you inherited from other decedents. If you
take distributions from both an inherited IRA and your IRA,
and each has basis, you must complete separate Forms
8606 to determine the taxable and nontaxable portions of
those distributions.
Statistics: Posted by toddthebod — Wed Apr 24, 2024 6:00 pm — Replies 8 — Views 279
