Not understanding the enter total value of all Traditional IRAs for Form 5498

[SAR66]

I'm not understanding the enter total value of all Traditional IRAs for Form 5498. I have one Traditional IRA in one financial institution that I intend to convert a certain amount a year to a new Roth IRA in the same financial institution. I'm going to try and attach a screenshot of the question that Turbotax presents me. I have several other Traditional IRAs in other financial institutions as well as two Inherited IRAs. Am I supposed to provide the full market value of the one Traditional IRA that I am using for the source of the conversion to the new Roth IRA or the total full market value of ALL Traditional IRAs and Inherited IRAs? I understand that the value is computed on 12/31/2024 but I can't understand the IRS instructions for Form 5498. I'm starting to think that this tax issue is too complicated for TurboTax. Any help will be appreciated!!

[fanfare · Accepted solution]

"the total full market value of ALL Traditional IRAs and Inherited IRAs?  "

the total full market value of ALL Traditional IRAs  YES

and Inherited IRAs?  NO 

Inherited IRAs must be treated separately. They cannot be converted.

If you inherited from two owners, each of those accounts must be treated separately.

@SAR66 

[SAR66]

fanfare,

Thanks for the response! I believe that I understand this better after your input.

[Joel R Mohr]

This information request on TurboTax does not make sense, since Form 5498 reports the reportable contribution for tax year 2024, not the total value of your traditional IRA account as of December 31, 2024. Contributions can be made up to April 15, 2025 for tax year 2024, so Form 5498 won't be available until sometime in May 2025. I discussed this with a Vanguard representative and their tax document and information page explains the 5498 form. I believe TurboTax has this question worded incorrectly.

[BillM223]

SAR66

I am puzzled - from where did you get this screen shot?

Here I have the same screen from the Online product:

...and the CD/download product  (also called desktop) for Windows:

As you can see BOTH of them ask you to include any IRA contributions made after the first of the year (unlike the screenshot you shared).

Can you tell me where your screen shot is from? Is it maybe from the CD/download product for Mac? If not, can you tell us what part of the interview it was in, i.e., what were you doing when you got this screen? (and please add in if you were in the Online or desktop product)...

@SAR66 

@Joel R Mohr