The total value of your traditional IRAs is the total balance in your traditional IRAs on December 31, no matter where the money in your traditional IRAs came from.
Make sure that you do not include the balance you have in any qualified retirement plans like a 401(k), 403(b), 457(b) or the federal TSP. These are not IRAs. The only types of plans that accept employer contributions that are IRAs are SEP-IRAs and SIMPLE IRAs.
Thank you. Now it all makes sense.
I accidentally filled the Traditional & Roth IRA sections, and the TurboTax tool says that I contributed more than the acceptable limit, thus warranting a penalty. My Pre-tax/Roth IRA is through an employer sponsored 401(k).
Guess I should skip the Traditional/Roth IRA sections on TurboTax?