Your Life

Your Life

Major life milestones often have a major tax impact. Changes in your marital status, having a baby or adopting a child can have significant impact on your taxes. This is the place to ask questions about dependents, real estate, and other various scenarios that play a significant role in what taxes you pay.

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Esteemed Pioneer
Posts: 12
Registered: ‎03-12-2017
Accepted Solution

Include Inherited IRA Withdrawals on Saver's Credit part of Premium Online Interview?

Hi! My dad passed away in 2015. I inherited a traditional IRA at that time. Since then I have taken the RMD's, plus other withdrawals. Do I include these on the Saver's Credit part of the Premium online interview?

 

Thanks!

Kimybrown

Council Member
Posts: 516
Registered: ‎04-06-2016

Re: Include Inherited IRA Withdrawals on Saver's Credit part of Premium Online Interview?

From the instructions for Form 8880 (p 2), https://www.irs.gov/pub/irs-pdf/f8880.pdf (bold mine):

Line 4
Enter the total amount of distributions you, and your spouse if filing
jointly, received after 2014 and before the due date of your 2017
return (including extensions) from any of the following types of
plans.
• Traditional or Roth IRAs (including myRAs).
• 401(k), 403(b), governmental 457(b), 501(c)(18)(D), SEP, or SIMPLE
plans.
• Qualified retirement plans as defined in section 4974(c) (including
the federal Thrift Savings Plan).
Do not include any:
• Distributions not taxable as the result of a rollover or a trustee-totrustee
transfer.
• Distributions that are taxable as the result of an in-plan rollover to
your designated Roth account.
• Distributions from your eligible retirement plan (other than a Roth
IRA) rolled over or converted to your Roth IRA.
• Loans from a qualified employer plan treated as a distribution.
• Distributions of excess contributions or deferrals (and income
allocable to such contributions or deferrals).
• Distributions of contributions made to an IRA during a tax year
and returned (with any income allocable to such contributions) on or
before the due date (including extensions) for that tax year.
• Distributions of dividends paid on stock held by an employee
stock ownership plan under section 404(k).
• Distributions from a military retirement plan (other than the federal
Thrift Savings Plan).
• Distributions from an inherited IRA by a nonspousal beneficiary. "

 

Since your father is not your spouse, you would not include distributions from the IRA you inherited from him on Form 8880, so would not be included in that section of the H&R Block interview.

 

Karen

 


@Kimybrown wrote:

Hi! My dad passed away in 2015. I inherited a traditional IRA at that time. Since then I have taken the RMD's, plus other withdrawals. Do I include these on the Saver's Credit part of the Premium online interview?

 

Thanks!

Kimybrown