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In December 2022 inherited IRA $347,000+
2023 1099-R distribution $26000.
Box 2a Taxable $26000.
Box tax not determined checked
Code 4
IRA box checked
Client is 65
Tax treatment help please and penalty help? Thank you.
Best Answer Click here
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Not Roth, sorry for question title
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Fully taxable unless the deceased had any IRA basis.
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For "penalty" help, you didn't state if this was taken as RMD, because the deceased was taking RMD already or would have taken it; you didn't tell us if the beneficiary is spouse or not.
You can google:
inherited ira 2023
And confirm you are reading either IRS information, or articles that are dated current, since the rules keep changing. Look for something that at the least references SECURE Act 2.0, like this:
inherited IRA SECURE act
Don't yell at us; we're volunteers
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Thank you.
