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Level 1

I was surprised to see my refund decrease substantially when put in the year end value of my IRAs. Is this correct?

 
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Level 20

I was surprised to see my refund decrease substantially when put in the year end value of my IRAs. Is this correct?

Yes, this is usually correct.  It suggests that TurboTax was not able to calculate the correct taxable amount of your traditional IRA distributions until you entered the year end balance, calculating a taxable amount that was too low by assuming a zero year-end balance until the year-end balance was entered.

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Level 20

I was surprised to see my refund decrease substantially when put in the year end value of my IRAs. Is this correct?

Yes, this is usually correct.  It suggests that TurboTax was not able to calculate the correct taxable amount of your traditional IRA distributions until you entered the year end balance, calculating a taxable amount that was too low by assuming a zero year-end balance until the year-end balance was entered.