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we're saying the same thing for that question - you report your balance as of 12/31, do not adjust for any contribution made for 2024 after 12/31.   This 12/31/24 balance is used to calculate the tax on any Roth conversion you did in calendar year 2024; if you have a balance (across all your IRAs if your multiple accounts) in excess of the basis from the "after tax" non-deductible contributions (due to earnings in the IRA or a 401k rollover etc), then the Roth conversion will consist of a pro-rata amount of pre-tax and after-tax funds, and taxed accordingly.  The general premise of the backdoor Roth being entirely non-taxable is you do not have any balance in your Trad IRA, you contribute, convert and it goes back to zero.   Separately, you would report that you made a contribution in 2025 for 2024, which will update your basis in the IRA for the 2024 tax year which will carry forward to the tax calculation in 2025.  This will be reflected in lines 1, 4 and 14 of Form 8606 for 2024, and carries forward to line 2 of Form 8606 for 2025.   If you are using desktop use forms mode to see how Form 8606 is being filled in; with TT online I think you can see it when you export the PDF of your return.  

@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.    

@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?

TurboTax will automatically use the itemized deduction amount IF the amount is greater than the standard deduction for your filing status. Note that some itemized deductions are limited - Only your total medical expenses that are greater than 7.5% of your Adjusted Gross Income (AGI) can be deducted. For the 2024 tax year, the state and local tax (SALT) deduction is limited to $10,000 for most filers and $5,000 for married taxpayers filing separately, This limit, often called the "SALT cap," applies to the combined total of state and local income (or sales) and property taxes. Donations to public charities are generally limited to 60% of your AGI.   Standard deductions for 2024 Single - $14,600 add $1,950 if age 65 or older Married Filing Separately - $14,600 add $1,550 if age 65 or older Married Filing Jointly - $29,200 add $1,550 for each spouse age 65 or older Head of Household - $21,900 add $1,950 if age 65 or older

is this in the retirement section for Form 8606 - this form is very specific about dates and handling the Q1 contributions, so take the instructions very literally when it asks for your balance as of 12/31/24 it means as of that date.  Form 5498 is usually not mailed until May but the instructions for Form 8606 refers to using statements provided in January i.e. your brokerage statements for 12/31/24.  Form 5498 should also be the balance as of 12/31 and should be same as your statement.  It just happens you're filing with extension so you do have the 5498.   Roth conversions are taxed by the calendar year in which they are done.  If you made a non-deductible contribution to your Trad IRA in April 2025 for 2024, that counts towards your 2024 limits and becomes part of your final basis on Form 8606 for 2024, carried over to 2025.  The Roth conversion you then immediately did of that contribution in April 2025 applies to the 2025 tax year not 2024 (along with your 2025 backdoor if you do it during the calendar year) - you won't have received the 1099-R for it yet.   https://ttlc.intuit.com/turbotax-support/en-us/help-article/retirement-benefits/enter-backdoor-roth-ira-conversion/L7gGPjKVY_US_en_US?uid=mgjdpboq   https://www.irs.gov/pub/irs-pdf/i8606.pdf   Line 6 Enter the total value of all your traditional, traditional SEP, and traditional SIMPLE IRAs as of December 31, 2024, plus any outstanding rollovers. A statement should be sent to you by January 31, 2025

P.S. I suspect the person at the IRS that opens all these envelopes is not at work right now   P.P.S. no idea what tradelog is so maybe your situation is more complex, but unless you have a lot of wash sales or other adjustments like AMD, this mail-in step can be avoided in future by inputting (or importing) the sales with adjustments as a1099 in Turbo "one by one" with the details, and input the balance of your 1099 as sales summaries.

you would just get 8453 from the IRS website and fill it in, it's just a cover sheet.  you need to mail the details of the wash sales, the instructions say to send form 8949 or 'statement with the same information' - that's not usually the same 8949 with summary info that you filed as that's already been sent electronically, it's supposed to the details of the sales with adjustments - people usually send the 1099-B.

You posted your question late at night.   Customer support is available Monday - Friday from 5 a.m. to 5 p.m. Pacific time.     Phone support is not provided with the Free Edition.  If you are using a paid version of the software or if you purchased PLUS you can get phone support when customer support is there.  Otherwise, post your question here and someone will try to help.   To call TurboTax customer support https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/contact-turbotax/L2y9ZKpQB_US_en_US?uid=m5s9l2vh  

Gifts given to family members, friends or other individuals are not deductible.   Gifts received are not taxable to the person who received the gift, and are not entered on a tax return.   If your gift exceeds the yearly limit ($19,000 per individual)  imposed by the gift tax rules, then you will need to complete a Form 709 gift tax form and send it to the IRS, although it is very unlikely that you will owe any tax.   TurboTax does not support Form 709.  It is not an income tax form and would not be included as part of an income tax return.   Here is a link to the form: https://www.irs.gov/pub/irs-pdf/f709.pdf   https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N     Here's a link for Form 709 preparation software:  https://www.puritas-springs.com/product-category/federal   Here are some useful videos on the Form:   https://www.youtube.com/watch?v=a5wJow5h-No   https://www.youtube.com/watch?v=5Z_28sVOrTY