Hi there,
I am modeling an inherited IRA as follows in Pralana online:
Amount = $32,100
Year Inherited = 2006
Distribution period = Lifetime
RMD Start Year = 2007
I can see calculated distributions of $1,198 starting in 2024 but I cannot find where the $1198 is reflected in my tax forms. I would expect to see it on form 8606 line 7, as it is on my actual tax return but I cannot see it in.
What am I doing wrong?
TIA, Lloyd
@lloydlloydus-com I took a look at your plan and I am seeing the RMD for your wife in line 7 of form 8606. So, I'm not sure what the problem might be. Would you please try this again and then post or email me some relevant screenshots so I can see what you're seeing.
Thanks,
Stuart (mail@pralanaconsulting.com)
Sorry I thought they were all on my wife's form 8606- I did not realize there was another form 8606.
Also, on Form 1040, line 4b for taxable IRA distributions, you can click on the amount and see all the IRA withdrawals listed with pre-tax and after-tax amounts shown separately. I see the RMD from your spouse's inherited account listed in the applicable years.
(You may know that generally, in the tax forms and tabular projections, you can click on underlined amounts to bring up the Metric MRI which shows how that amount is calculated.)
