☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 4, 2019 7:39:59 PM

Do I add in a value of IRA for contribution not made yet for 2016

On a previous screeen I indicated that I planned to contribute $5500 to a traditional IRA.  Now it is asking for the value of the IRA as of Dec 31 2016.  Do I enter that $5500?

0 1 324
1 Best answer
Level 15
Jun 4, 2019 7:40:00 PM

The value of the IRA would be $0 on December 31, 2016, unless you had made contributions in other years.

IRS just wants to know if the contribution was made before year end or by the due date of teh 2016 return (April 18, 2017).

Make sure the IRA is designated as a 2016 tax year contribution.  

1 Replies
Level 15
Jun 4, 2019 7:40:00 PM

The value of the IRA would be $0 on December 31, 2016, unless you had made contributions in other years.

IRS just wants to know if the contribution was made before year end or by the due date of teh 2016 return (April 18, 2017).

Make sure the IRA is designated as a 2016 tax year contribution.