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Level 1
posted Feb 7, 2020 7:00:21 PM

Do I include future contributions (not yet made) to my Roth IRA when reporting the value of my Roth IRA as of December 31? If so, how?

It says to include any contributions made after December 31 that were designated for that tax year (2019).  This also confuses me.  Do I start with the Dec 31 value and add the contributions made after (disregarding other changes in value after Dec 31)?

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1 Replies
Level 15
Feb 7, 2020 9:53:34 PM

Yes, add to your December 31, 2019 balance the amount of any contributions made for 2019 in 2020, disregarding any other changes in value after December 31.

 

Note that TurboTax only asks for this as part of determining the penalty for an excess Roth IRA contribution.  If you've entered all of the other information needed to determine the amount that you are eligible to contribution to a Roth IRA for 2019, you need to be investigating correcting that excess before the due date of your tax return (or if you have not yet made the excess contribution, don't make it).