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March 16, 2024
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Roth IRA

  • March 16, 2024
  • 2 replies
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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?

    Best answer by dmertz

    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.

    2 replies

    VolvoGirl
    Employee
    March 16, 2024

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

    dmertzAnswer
    Employee
    March 16, 2024

    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.