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Level 1
posted Mar 4, 2025 12:49:47 PM

Form 5498 - not understanding the total value requested of IRAs

I converted all of my traditional IRAs in 2024 to Roth IRAs. This was completed in April of 2024.

That said, shouldn't the value for the question, "Enter the total value of all of the IRA, SEP, and SIMPLE IRA accounts on December 31, 2024. This information is sent by mail on Form 5498. Do NOT include Roth IRAs..." be $0?

 

I didn't receive a Form 5498...

0 1 360
1 Best answer
Expert Alumni
Mar 4, 2025 1:16:43 PM

Yes, if you converted all of your traditional IRAs to Roth IRAs in 2024, the year end Value on December 31, 2024 is zero (0)

1 Replies
Expert Alumni
Mar 4, 2025 1:16:43 PM

Yes, if you converted all of your traditional IRAs to Roth IRAs in 2024, the year end Value on December 31, 2024 is zero (0)