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Retirement tax questions
The reason that TurboTax asks you for the value of your IRAs on December 31, 2019 is so that it can calculate a penalty for excess contributions to your traditional IRAs. The penalty is 6% of the smaller of your excess contributions or the value of your IRAs at the end of the year.
Once you entered the value on 12/31/2019, then TurboTax was able to calculate the penalty on form 5329 on line 17.
So you want to search for messages referring to excess contributions (perhaps you already saw them).
I don't believe that this had anything to do with your RMD.
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March 23, 2020
6:51 AM