Turbotax Premier asking for total amount of IRAs as of 12/31/2024 during interview. Why? Have Never been asked this question during 15+ years of Turbotax. How do you get values without just adding up in your log ons with financial institutions? More overreach and data Mining !
" get values without just adding up in your log ons with financial institutions?"
that's exactly how it's done.
OR review your statements if they are being mailed to you (discouraged nowadays).
If you have an IRA penalty, TurboTax may ask for that value.
Be on the lookout for wrongly applied penalties due to 2024 TurboTax issues.
most likely if you did a Roth conversion or other IRA distribution it's needed for the calculation on Form 8606 to determine how much was taxable (ratio of your basis to the total market value determines how much was non-taxable)
5498s are not generally mailed until May so you would use year-end statements to determine the value. Form 8606 instructions:
https://www.irs.gov/pub/irs-pdf/i8606.pdf
Line 6
Enter the total value of all your traditional, traditional SEP, and traditional SIMPLE IRAs as of December 31, 2024, plus any outstanding rollovers. A statement should be sent to you by January 31, 2025, showing the value of each IRA on December 31, 2024