Question from turbo tax on IRA balance at end of year? Form 8606.

[faaradar]

Turbo Tax asked me my year end balance of traditional ira account after I entered a distribution 1099R for money I converted to a Roth IRA from Traditional. It mentioned form 5948 should have end of year balance that is provided by the ira company.

My question is I have a traditional IRA with Vanguard that I was actually taking the distribution from that year (1099R provided) that I know the balance for. But I also have a larger TSP Federal retirement account with Traditional IRA contributions in it. Does turbo tax want the amount of all my IRA accounts combined? I also saw somewhere on other question that a 401k is not an IRA, I assume my TSP account is a IRA? I am 62 years old.

Thanks for any clarification on how to respond correctly to this question in turbo tax for year end IRA balance.

[DanaB27]

No, a TSP isn't an IRA. Therefore, you would not add this balance when TurboTax askes about the value of all of your traditional, SEP, and SIMPLE IRAs.