That is the December 31 market value that should be on the year end statement form the financial institution that holds the account - that would be the amount of money that you would receive if you cashed in the entire account on that date. That information is only required if you had a distribution and you have a non-deductible "basis" so the taxable amount can be calculated.
You don't manually fill out a 8606 form, TurboTax does it when you enter a 1099-R distribution from a IRA with basis.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
