@Ats1 wrote:
@baldietax @dmertz thank you both for the quick replies; however, you seem to have conflicting answers if I’m understanding this correctly.
@baldietax are you saying that I should be adding the Traditional IRA contribution made in 2025 for tax year 2024 to this 5498 FMV total?
Both answers are the same, see where @baldietax wrote "take the instructions very literally when it asks for your balance as of 12/31/24 it means as of that date."
Where are you in the instructions and why are you asking?
For purposes of preparing form 8606 for non-deductible contributions or conversions involving non-deductible contributions, the form wants your balance at the close of business on 12/31/24, regardless of later, backdated contributions. Later backdated contributions are handled on a different place on that form.
If you are somewhere else in the program asking about a different form, let us know what you are working on and we can double-check and confirm the answer if you like.
