I have three traditional IRAs. One was sourced from non-deductible contributions (balance about $200K) one was sourced from a 401K rollover (balance over $1M) and the third is a managed IRA sourced from the rollover (balance about $250K). In 2025, I withdrew $100K from the first referenced IRA and moved it to a Roth IRA. (This was my first contribution to a Roth). I have not made any contributions to these accounts for several years. As I enter the information into Turbo Tax, I get to the question... Enter the total value of all of your traditional IRA, SEP, and SIMPLE IRA accounts on December 31, 2025. This information is sent by mail on Form 5498. Do not include Roth IRAs.
Is the amount to be entered the total balances in the THREE IRAs or just the one with the withdrawal? This makes a big difference in my refund. I understand that the $100K is taxable, but don't understand why the balance would affect the tax liability/refund amount. Also, it says the form will be mailed by May 31st which doesn't make any sense to me?
Thanks in advance for the help.
Brian
