I converted a single traditional IRA account to a single Roth account.
I entered the 1099-R information into Turbotax.
I get to the section "Tell us the Value of your Traditional IRA"
Here I am asked for the "total value of all" my IRA accounts on December 31, 2021.
Why does Turbotax need to know the value of ALL my IRA accounts, when only one account was converted?
Also, the traditional account was converted prior to 12/31/21 so what help is it to know the value on 12/31/21? Which would be zero.
Thanks.
The IRS does not allow you to "cherry pick" when converting a traditional IRA into a Roth.
If you have other tax deferred IRAs then the IRS considers the conversion to be coming from multiple accounts even if you only converted one. This means, for accounting purposes, even if your emptied out one account, the conversion is considered to have come from all your accounts.
You can read more about this at IRA Aggregation Rule: When Many IRAs Become One