You will enter the traditional IRA value on 12/31 (remaining in the traditional IRA on 12/31), you will find that on your yearly statement. No, you will not include the contribution you made in 2021 for 2020 in the balance.
But you will enter the contribution on your 2020 return:
- Login to your TurboTax Account
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “traditional IRA”
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