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Yes, if TurboTax asks for your year-end balance in Roth IRAs you must enter it. TurboTax will ask for your year-end balance in Roth IRAs if your entries show that you have an excess contribution in your Roth IRAs. The excess-contribution penalty is calculated on the lesser of the amount of the excess and the year-end balance.
Examine Schedule 4 line 59 for any penalty from Form 5329.
I'm not aware of any other situation where TurboTax will ask for or need your year-end balance.
Yes, if TurboTax asks for your year-end balance in Roth IRAs you must enter it. TurboTax will ask for your year-end balance in Roth IRAs if your entries show that you have an excess contribution in your Roth IRAs. The excess-contribution penalty is calculated on the lesser of the amount of the excess and the year-end balance.
Examine Schedule 4 line 59 for any penalty from Form 5329.
I'm not aware of any other situation where TurboTax will ask for or need your year-end balance.
Simply to track your Roth for you.
A Roth IRA contribution does not actually go on a tax return, but you should enter it anyway to:
1) Tell you if your income qualifies you for a contribution and warn you if it does not.
2) Check if your income exceeds the limit to contribute to a Roth.
3) Track your contribution year-to-year if you use TurboTax every year.
4) Add the Retirement Savers Credit if you qualify.
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