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Federal 2010: Certain customers, who inherited and IRA in a prior year, may have an incorrect tax return.

Updated: 7/27/2011
Article ID: SLN53274

A taxpayer, who receives an IRA account from a deceased spouse, can rollover that account to their own IRA account and not pay tax on the transfer. Future distributions may be taxable.

Certain TurboTax customers, who inherited an IRA account prior to 2010 and received a distribution in 2010, may have an incorrect tax return.

How to tell if you are impacted:

You may be affected if ALL of the following are true:

  1. You filed a 2010 federal return AND
  2. You inherited an IRA account from your spouse AND
  3. You rolled over that inherited account into your own IRA account prior to 2010 AND
  4. You received a taxable distribution from this IRA account in 2010 AND
  5. The amount was not included on your federal Form 1040, line 15b.

If you are affected, you may have underpaid your federal tax. You will need to amend your federal tax return. Also your state return may be affected and you will need to amend it.

If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the Federal: Inherited IRA – taxable distribution.

Solution:

Let us do the work for you. We highly recommend this. 

  1. Please download and print this Authorization Form.
  2. Complete the form and fax it to us at the number printed at the top of the form.
    • Note: After we receive your completed authorization form, please allow up to 15 days to amend your return.
  3. You can print, sign and mail the corrected return to the IRS.

Or you can make the corrections yourself. However, the amend process can be complex. 

  • To do it yourself, please follow these step-by-step instructions.
  • After you make the changes to your tax return, you will need to mail a copy of
    • Your federal return to the IRS and
    • Your state return to the state tax authority, if your state return is affected.
  • Your printed returns will include instructions on how and where to mail them.
  • If you need assistance, call us at the phone number in the TurboTax email.

 

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