You can generally ignore the Form 5498 and get all of the necessary information from your account statements and transaction records.
Whenever TurboTax asks you for the the year end value of your traditional IRAs TurboTax is asking for the sum of the values on December 31 of *all* traditional IRAs that you own. If TurboTax asks you for the the year end value of your Roth IRAs TurboTax is asking for the sum of the values on December 31 of all Roth IRAs that you own.
"Outstanding" rollovers are those where a distribution is made from a traditional IRA late in the year but the funds are not rolled back into a traditional IRA until early in the following year, causing the funds to be temporarily outside any IRA on December 31. Likewise for any recharacterizations. Your Forms 5498 will *not* show any outstanding rollovers or recharacterizations that need to be reported on this year's tax return, you'll need to get information on these outstanding transactions, if any, from your account records.
