Correct. Contributions made for the prior year after December 31 but before the due date of the tax return, must be included in the total when figuring the amount on which the excess contribution penalty is calculated. This is to avoid having the excess contribution avoid the required 6% penalty for the year of the contribution just because the contribution was made after year end.
"So if I have a value of $50k at Dec 31st and I'm over 50 yrs old with plan to put in $7k for 2019, then $ value for this question would be $57k, correct?"
Correct. Of course this entry only is only relevant if you have excess contributions in your Roth IRAs; it is used for no other purpose. TurboTax does not ask this question unless your tax return currently shows excess contributions subject to an excess-contribution penalty.
