I turned 70 1/2 in 2017. I based my RMD based on the value of my IRA on 31 Dec 2016. TurboTax Premium is telling me to enter the value of my IRA on 31 Dec 2017. Why?

GLCNV · ‎June 4, 2019

macuser_22 · ‎June 4, 2019

I assume that you have some after-tax basis in the IRA carried over of entered from line 14 on a prior 8606 form or you entered it in the interview. After entering the after-tax, non-deductible prior years basis TurboTax asks for the December 31, 2017 total year end value of all Traditional, SEP and SIMPLE IRA's so that the basis can be properly prorated over the 2017 distribution and the remaining IRA value. That is done on lines 6015 on a 8606 form.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

View solution in original post

macuser_22 · ‎June 4, 2019

I assume that you have some after-tax basis in the IRA carried over of entered from line 14 on a prior 8606 form or you entered it in the interview. After entering the after-tax, non-deductible prior years basis TurboTax asks for the December 31, 2017 total year end value of all Traditional, SEP and SIMPLE IRA's so that the basis can be properly prorated over the 2017 distribution and the remaining IRA value. That is done on lines 6015 on a 8606 form.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Anita01 · ‎June 4, 2019

TurboTax does not calculate the value of your RMD, so it's not that. It could be to tell if you closed all your IRA's

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I turned 70 1/2 in 2017. I based my RMD based on the value of my IRA on 31 Dec 2016. TurboTax Premium is telling me to enter the value of my IRA on 31 Dec 2017. Why?