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ProSeries Frequently Asked Questions

Inherited IRAs May Not Be Included in the Modified Adjusted Gross Income

Products Affected:

• ProSeries/1040
• ProSeries Express/1040
• ProSeries Basic/1040

Situation

The taxable amount of inherited IRAs may not be included in the modified adjusted gross income.

Example: When computing the modified adjusted gross income for Form 8582, Part II, line 7 the taxable amount of inherited IRAs are not included when they should be.

Solution

This situation will be corrected in the Federal 1040 update anticipated to be available online on or about February 21, 2007. View anticipated release dates.

Download and install this update when it becomes available. (Go to the Update menu and select Update Installed Products.)

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