This year I moved half of my Traditional IRA to a Roth IRA. Didn't realize I should have moved the whole amount so now I am going to have to pay. Anyway, in doing my taxes I am being asked what the Total Value is of my Traditional IRA on December 31, 2019. If I moved out of Stocks and now the money is sitting in my IRA Money Market is that still considered a value of my TIRA and be entered? Thank you in advance.
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The year-end value of your traditional IRAs is the combined Fair Market Value of all amounts contained within all of your traditional IRAs (including SEP and SIMPLE IRAs) on December 31. Money in a money market account held by your traditional IRA is still part of the FMV of your traditional IRAs.
Had you moved your whole traditional IRA to the Roth IRA instead of only half, you would have to pay even more in taxes.
The year-end value of your traditional IRAs is the combined Fair Market Value of all amounts contained within all of your traditional IRAs (including SEP and SIMPLE IRAs) on December 31. Money in a money market account held by your traditional IRA is still part of the FMV of your traditional IRAs.
Had you moved your whole traditional IRA to the Roth IRA instead of only half, you would have to pay even more in taxes.
Thank you for the information and your time 😊
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