Does the value of IRA at year end need to be entered?

[DanaB27]

Yes, if TurboTax asks about the value of the IRA at the end of the year then you will have to enter the value on December 31, 2022. You can check your statement to find the value.

The value is used on Form 8606 to calculate the nontaxable portion of a traditional IRA contribution. The IRA value is also needed if you made excess contributions to calculate the 6% penalty on Form 5329.

[Edited 1/31/2023 | 4:20am PST]

@chuckbowcock 

[fanfare · Accepted solution]

according to Support, certain worksheets require the yearend value.

The only place the value could appear is on Form 8606

@chuckbowcock 

[chuckbowcock · Accepted solution]

Thanks. Form 8606 does not apply to me!

[dmertz]

If TurboTax asks for it, enter it.

There are actually two forms where the year-end value potentially has an effect, Form 8606 and Form 5329.

[chuckbowcock]

Form 5329 does not apply to me, but thank for your reply