In 2005, a taxpayer, who is the son and sole beneficiary of his mother' Roth IRA, withdraw all of his mother's IRA because of her death. The amount of withdrawal was $15,000. Of which, $5,000 was the earnings and $10,000 basis.
At the end of January, taxpayer received Form 1099-R. Line 1, Gross Distribution, $15,000; Line 2, Taxable Amount, $15,000. Distribution Code: Death.
My questions are: 1. Is the amount of taxable income on 1099-R correct? If not, what are the actions needed to correct the taxable amount and what are the attachments needed to file 1040?
Thanks for your time.
At the end of January, taxpayer received Form 1099-R. Line 1, Gross Distribution, $15,000; Line 2, Taxable Amount, $15,000. Distribution Code: Death.
My questions are: 1. Is the amount of taxable income on 1099-R correct? If not, what are the actions needed to correct the taxable amount and what are the attachments needed to file 1040?
Thanks for your time.
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