Inherited IRA question on IRS reporting

[aja8888]

Some of you may recall my wife passed away in late 2022 and I was the sole beneficiary of her Traditional IRA. Well, one option was to transfer the entire IRA directly into my IRA and I did that via filling out a form at Charles Schwab. The IRA was deposited into my IRA on January 5, 2023.

My questions are:

1. Will I have to report this IRA to IRA transfer to the IRS this tax filing year?

2. If so, is Schwab obligated to provide a "document" like a 1099 for me to use to report this transfer?

3. If Schwab is not required to provide me with a paper document, how do I report this transfer (if required)?

I looked through various IRS rulings on inherited IRAs and could not find any guidance on this.

I'm using Turbo Tax this year to make my tax filing.

Thanks for any help you can provide.

 

[GrayHare]

The rules let you treat a spouse's IRA as your own. You need not report xfers of your own IRAs, so AFAIK, there's no reporting to be done in your case.

 

[pb4uski]

+1 when my mom inherited my Dad's tIRA I don't recall any reporting.

 

[aja8888]

The rules let you treat a spouse's IRA as your own. You need not report xfers of your own IRAs, so AFAIK, there's no reporting to be done in your case.

+1 when my mom inherited my Dad's tIRA I don't recall any reporting.

Thanks folks. No wonder I couldn't find any guidance.

 

[cathy63]

I'm not sure if Schwab has to provide a 1099-R for this, but if they do, then I belive it should be a rollover (code G in box 7). TurboTax will recognize the G and ask a couple of questions. Just take a look at lines 4a and 4b on your tax return and make sure the rollover amount is not included in the number on 4b.

If they do not send you a 1099-R, then don't report anything on your tax return. There is no reason to confuse the IRS by giving them info they don't already have about non-taxable events.

 

[aja8888]

I'm not sure if Schwab has to provide a 1099-R for this, but if they do, then I belive it should be a rollover (code G in box 7). TurboTax will recognize the G and ask a couple of questions. Just take a look at lines 4a and 4b on your tax return and make sure the rollover amount is not included in the number on 4b.

If they do not send you a 1099-R, then don't report anything on your tax return. There is no reason to confuse the IRS by giving them info they don't already have about non-taxable events.

Thanks, Cathy, I believe Schwab has indicated that 1099's will be available 2/16 this year. I'll update this after I get the 1099's I have due me.

 

[sakowitzm]

+1 when my mom inherited my Dad's tIRA I don't recall any reporting.

+1 Went through exactly this when my wife passed in 2018. No reporting required.

 

[aja8888]

+1 Went through exactly this when my wife passed in 2018. No reporting required.

Thank you!