Federal 2010: Certain customers, who inherited and IRA in a prior year, may have an incorrect tax return.
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:
- You filed a 2010 federal return AND
- You inherited an IRA account from your spouse AND
- You rolled over that inherited account into your own IRA account prior to 2010 AND
- You received a taxable distribution from this IRA account in 2010 AND
- 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.