Each year I put a little bit of post-tax money into my Traditional IRA and then move it to my Roth. My CPA has made a mess of my 8606s. Nothing that would change my taxes, but I'm sizing up whether/what's worth correcting. By one example, I also have an inherited IRA from my father (I am not owner now, just beneficiary) and receive the RMDs. I understand if that inherited IRA had a basis (it does not), it would be a separate 8606 from my own. My CPA has been putting no reference to this IRA as part of my total IRAs on Line 6 (sounds correct) but has been reporting the RMD as a distribution each year on Line 7. Seems it should be all in or all out, and this distribution does NOT relate to my own IRAs. I get a 1099R Code 4 each year identifying the distrib as coming from an inherited IRA. Thoughts?
Statistics: Posted by flaresident — Wed Apr 24, 2024 4:19 pm — Replies 5 — Views 154