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Level 2

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Roth IRA

2 replies
48 views

After I enter all the Roth IRA info, at the last page it is asking the value of the Roth IRA account as of December 31 2023. Is this new for 2023? In which form should I see this entry?

dmertzAnswer

Level 15

TurboTax likely only asks for your Roth IRA year-end balance if you've entered an excess Roth IRA contribution. The penalty for an excess contribution is limited to 6% of the lesser of the excess or your year-end balance. Check to see if Form 5329 Part IV is present in your tax return.

Level 15

You get it from your IRA statement for 12/31/23.

dmertzAnswer

Level 15

TurboTax likely only asks for your Roth IRA year-end balance if you've entered an excess Roth IRA contribution. The penalty for an excess contribution is limited to 6% of the lesser of the excess or your year-end balance. Check to see if Form 5329 Part IV is present in your tax return.