RMD for non-spose inheirited Roth IRA
This Roth had been in existence since 1998 when my father died last year. I know that I will have to take an RMD from it this year based on my age this year and the account value as of 12/31/10. How will the broker with whom I have this Roth code the distribution amount and where will I show the amount of the districution on my 1040?
Permalink Submitted by Alan Spross on Mon, 2011-11-21 17:24
The 1099R will show a code of Q if the IRA custodian has held the account for at least 5 years or T if they have not. Either way, since you know and/or have evidence of the Roth existing over 5 years, you do not have to complete Form 8606 with your Form 1040. Just enter the gross distribution taken on line 15a with -0- on 15b. All distributions are tax free because the Roth is fully qualified, having been held 5 years and the IRA owner having passed.