Check with your financial institutions; the custodian can give you that information easily. Or log in to your account(s) and look for Fair Market Value on 12/31/25. TurboTax uses the December 31 balance to generate Form 8606 and to calculate:
- What portion of your conversion is taxable
- What portion is non-taxable
If you converted money from Traditional IRA to Roth IRA or did a backdoor Roth contribution, the IRS applies the pro-rata rule. That means you cannot just convert the “after-tax” money.
The IRS looks at ALL your IRA balances combined as of 12/31.
@Aussie
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
