I appreciate any advice the group could give me as I try to complete my deceased parent's final joint tax return.

Each of my parents had a traditional IRA with a cost basis. They each took their RMD from their IRA prior to their deaths in 2022.

After their deaths, each of their IRAs were divided 50/50 and placed into inherited IRAs for their two children. This occurred in October of 2022, and each child received one inherited IRA which had securities and cash which was journaled from each of
the original parental IRAs. Thus, the proceeds of each parents IRA were merged together from the heirs point of view.

When doing the 2022 joint tax return for the deceased parents, I need to fill out form 8606 for each parent properly so that the cost basis in the original IRAs are used to reduce the taxable amount of each RMD. The 8606 instructions state that the value
of the IRA on Dec 31, 2022 should be used in the basis scaling computation.

In this situation I don't have a way to accurately determine the value of the IRA on Dec 31, 2022. Should I use the value of the IRA on the date in October when it was divided and journaled to the heirs?

Thanks - RPD

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