I converted some of my IRA to a ROTH IRA, turbotax is asking for the value of my IRA on December 31, 2021. Is that the amount left in my IRA after I converted some to the ROTH or what. It also ask for outstanding rollovers and outstanding recharacterizations. According to IRS instructions converting some proceeds from an IRA is neither a rollover or a recharacterization so what is turbo tax after on these entries. Thanks
TurboTax is asking for the amount that remained in your traditional IRAs on December 31, 2021. TurboTax uses this amount to calculate on form 8606 Part I the taxable amount of your Roth conversion when you have basis in nondeductible traditional IRA contributions. If you have no basis in nondeductible traditional IRA contributions, TurboTax won't need this information and won't need to prepare Form 8606 Part I, but TurboTax always asks in case you make entries later that indicate that you have such basis. In either case, TurboTax will prepare Form 8606 Part II to report the Roth conversion.