End of year value win contributing to 2023 ira in 2024

At the end of 2023, my IRA balance was $2 because I transferred everything to a Roth IRA. Now, while contributing to my 2023 IRA in TurboTax, I'm asked for the IRA value on 12/31/2023.

So, if I contribute $1000 today, should I enter $1002?

1131

1 Best answer

Expert Alumni

Mar 18, 2024 5:34:41 PM

It would be the balance at end of year plus any contributions made in 2024 to be applied to 2023.

[Edited 3/18/24 at 5:53 PM PST] @Ig-sdlo

Expert Alumni

Mar 18, 2024 5:34:41 PM

It would be the balance at end of year plus any contributions made in 2024 to be applied to 2023.

[Edited 3/18/24 at 5:53 PM PST] @Ig-sdlo

Level 3

Mar 18, 2024 5:44:09 PM

@ThomasM125 are you sure? It explicitly asks to include that.

Expert Alumni

Mar 18, 2024 5:55:26 PM

You are correct, please see my edited post!

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End of year value win contributing to 2023 ira in 2024