dmertz
Level 15

Retirement tax questions

Yes, if TurboTax asks for your year-end balance in Roth IRAs you must enter it.  TurboTax will ask for your year-end balance in Roth IRAs if your entries show that you have an excess contribution in your Roth IRAs.  The excess-contribution penalty is calculated on the lesser of the amount of the excess and the year-end balance.

Examine Schedule 4 line 59 for any penalty from Form 5329.

I'm not aware of any other situation where TurboTax will ask for or need your year-end balance.

View solution in original post