BillM223
Expert Alumni

Get your taxes done using TurboTax

"TurboTax is asking me for the value of all my Traditional IRA accounts as of 12/31/2021 for 2021 taxes," - I imagine that the reason that TurboTax is asking this is because you have an excess IRA contribution that is being carried over to next year, so you are being penalized 6% times the smaller of your excess contributions carried over or the value of all your traditional IRAs on the last day of the year. See line 17 on form 5329.

 

Even without the 5498, as David says, you ought to be able to get an accurate number with a little research in your statement(s) or with a phone call to your IRA administrator(s).

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