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.
But in my case I no longer work so I don't make contributions; I don't see why they need to know how much is in there. Thanks.
I do not recall any such questing unless yiu are entering a Roth contribution.
The 1099-R interview for a Roth distribution will ask for prior years Roth contributions to determine the taxable amount if under age 59 1/2. If over 59 1/2 you can ignore the question.