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Retirement tax questions
The only reason TurboTax asks for your Roth IRA year-end value is to be able to determine the penalty on the lesser of the excess in your Roth IRAs or the adjusted year-end balance of Roth IRAs. Only if your investments lost value or you took distributions from your Roth IRAs in 2017 will your excess contribution be greater than your adjusted year-end balance in Roth IRAs.
‎June 3, 2019
1:13 PM