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Level 2
posted May 2, 2023 11:57:26 PM

Tell Us the Value of Your Traditional IRA

TurboTax asks for 2022 year end value of all IRAs and outstanding 2022 rollovers and recharacterizations not completed until 2023, but does not mention adjusting for excess contributions returned.  We have excess contributions made in 2022 but returned with earnings in 2023.  Do I enter the actual year end value or should I subtract the excess contribution and earnings calculated for the end of year?

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1 Replies
Level 15
May 7, 2023 4:17:58 PM

If you had excess contributions in your IRA on Dec 31, those contribute to the total value of your IRA on that date.

See your Dec statement for the value on Dec 31.

@Buttercup21