BillM223
Expert Alumni

Retirement tax questions

There can be a good reason for this question ("why am I being directed to enter data from my 5498 ("Traditional IRAs")").

 

Line 17 of form 5329 states, "Enter 6% (0.06) of the smaller of line 16 or the value of your traditional IRAs on December 31, 2025 (including 2025 contributions made in 2026". Line 25 is the same for Roth IRAs.

 

This is one reason you may be asked for the values of your IRAs - TurboTax is calculating a penalty for probably excess IRA contributions.

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