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When I enter the 2023 12/31 total FMV of my IRA's my refund drops?
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There are two different scenarios where you would be asked this question and let me know if you fall within these two instances.
- The most common reason that the FMV affects your tax liability is when you have made a distribution or Roth conversion from a traditional IRA and you have basis in nondeductible traditional IRA contributions shown on Form 8606. Your year-end balance affects the taxable and nontaxable proportions of the distribution; a higher year-end balance means that more of your distribution is taxable.
- Did you make an excess contribution to your traditional IRA? There is 6% penalty that is assessed on the excess of your year-end balance.
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