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sueshawuk
New Member

Do i need to report an ira balance on my return?

 
1 Reply
ThomasM
New Member

Do i need to report an ira balance on my return?

No, a balance within an IRA may fluctuate with the market, but unless you've actually taken a distribution from the account, then there's nothing you're required to report.

If you take a distribution during the year, then you'll be issued a Form 1099-R showing the amount, and that's something you'll need to enter in TurboTax.

Also, if you've made contributions to a Traditional IRA or Roth IRA, then you'll enter those contributions under Federal Taxes > Deductions & Credits > Retirement and Investments > Traditional & Roth IRA Contributions.

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