@wmrebelmom wrote:
So we rolled our 401k’s into an IRA with an investment company. Does the total value now have to be reported? We received no distributions.
Normally, you would be asked for the value of your IRAs only if you are making non-deductible contributions to a traditional IRA, or if the program needs to calculate your RMD (if you are age 72 or older), or if you are making a withdrawal from an IRA that has a non-deductible basis.
In that case, enter the value of the IRA as of 12/31/21.
If none of those cases is true, I don't know why Turbotax is asking.
Be careful, I see you said "So we rolled our 401k’s into an IRA". 401(k)s and IRAs are individual accounts. John can rollover John's 401(k) into an IRA in John's name, and Mary can rollover Mary's 401(k) into an IRA in Mary's name, but John and Mary can't combine their 401(k)s into a single IRA account. Hopefully that's not what you did.
