topic Question Regarding Traditional IRA Balance as of Date Requested by TurboTax in Retirement tax questions

Question Regarding Traditional IRA Balance as of Date Requested by TurboTax

Faustind — Sun, 09 Feb 2025 15:43:22 GMT

I am utilizing TurboTax Premier 2024. I have several Traditional IRA's which each require an RMD for 2024. During the process of entering information, TurboTax asked the question what was the total balance as of 12/31/2024 of all of my Traditional IRA Accounts combined? I am confused. If I am reporting RMD payments for 2024, shouldn't TurboTax ask what was the total balance as of 12/31/2023 of all of my Traditional IRA Accounts combined? I went back to try to correct the information, but now I can't find where I entered it previously. Why the incorrect balance date and where can I correct it? Thank you.

Re: Question Regarding Traditional IRA Balance as of Date Requested by TurboTax

VolvoGirl — Sun, 09 Feb 2025 17:11:04 GMT

I think it asks that if you have a non deductible basis on form 8606. @dmertz

Re: Question Regarding Traditional IRA Balance as of Date Requested by TurboTax

dmertz — Sun, 09 Feb 2025 17:47:20 GMT

VolvoGirl is correct. This question being asked by TurboTax has nothing to do with RMDs.

Re: Question Regarding Traditional IRA Balance as of Date Requested by TurboTax

Faustind — Sun, 09 Feb 2025 18:43:25 GMT

Volvo Girl, thank you so much for your prompt reply. I apologize for my ignorance, but I really don't understand the reply. If this requested information is not regarding Required Minimum Distribution for Tax Year 2024, how does the tax software know that I have taken a sufficient amount of Required Minimum Distribution for 2024 to satisfy the requirement? As for your response that the question was for a "non deductible basis on form 8606", I really don't know what that means. Could you please elaborate further for someone not quite as knowledgeable in the subject matter as you obviously are? Thank you so much.

Re: Question Regarding Traditional IRA Balance as of Date Requested by TurboTax

fanfare — Sun, 09 Feb 2025 20:03:57 GMT

TurboTax goes by what you tell it your RMD should be.Torbotax 2024 has issues with your situation, so

you may want to wait for more updates, or search the forum for workarounds that you can use now.

@Faustind

Re: Question Regarding Traditional IRA Balance as of Date Requested by TurboTax

dmertz — Sun, 09 Feb 2025 22:06:17 GMT

fanfare is correct. TurboTax has no ability to calculate what your RMDs should be and relies entirely on what you tell TurboTax your RMDs should be. As such, TurboTax never asks for your previous year's year-end balance in traditional IRAs.

Re: Question Regarding Traditional IRA Balance as of Date Requested by TurboTax

Greg012 — Sat, 08 Mar 2025 20:08:36 GMT

Turbo tax asked me what my 12/31/24 Traditional IRA balances are for yr end. RMDs come out of both IRAs and 401Ks. Do they really want one/both or just IRAs to work on form 8806? Most confusing thing in Turbo Tax in several years.

Re: Question Regarding Traditional IRA Balance as of Date Requested by TurboTax

fanfare — Sat, 08 Mar 2025 21:31:55 GMT

Form 8606 deals only with your Traditional IRA .

@Greg012