Question Regarding Traditional IRA Balance as of Date Requested by TurboTax

Forum|Forum|1 year ago
February 9, 2025
2 replies
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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.

VolvoGirl

Employee

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

FaustindAuthor

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.