The question asked to enter the total value of our IRA. I entered 0 because we have 401k's. I think I should have entered the amount. How do I go back and add it?

[wmrebelmom]

We did not contribute to our 401k this year (not eligible). Do I need to enter only the value of our 401k where it asked for the value of our IRA?

[AmyC]

No, the IRA is tracked with basis separately from your 401K. Brokers send the IRS your account value at the end of the year. Tracking your basis in IRA is what is important. If you have IRAs with a basis, you need to continue to file form 8606 each year.

[Opus 17]

You are correct that an IRA is different from a 401(k).  When your tax return is asking about IRAs, it only wants to know IRAs. 

[wmrebelmom]

So we rolled our 401k’s into an IRA with an investment company. Does the total value now have to be reported? We received no distributions. 

[Opus 17]

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@wmrebelmom wrote:

So we rolled our 401k’s into an IRA with an investment company. Does the total value now have to be reported? We received no distributions. 

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Normally, you would be asked for the value of your IRAs only if you are making non-deductible contributions to a traditional IRA, or if the program needs to calculate your RMD (if you are age 72 or older), or if you are making a withdrawal from an IRA that has a non-deductible basis.

In that case, enter the value of the IRA as of 12/31/21.

If none of those cases is true, I don't know why Turbotax is asking. 

Be careful, I see you said "So we rolled our 401k’s into an IRA".  401(k)s and IRAs are individual accounts.  John can rollover John's 401(k) into an IRA in John's name, and Mary can rollover Mary's 401(k) into an IRA in Mary's name, but John and Mary can't combine their 401(k)s into a single IRA account.  Hopefully that's not what you did.  

[wmrebelmom]

Thanks. Same place but different accounts. 

[wmrebelmom]

Basis? I’m not sure what that is. Ours are with Edward Jones Investments. So does that mean they handle the reporting?

[VolvoGirl]

Your basis is any amount you contributed but didn't get a tax deduction for.  The 401K is usually pretax and doesn't have a basis.