The 2024 8606 sounds fine if you didn't have any conversion in the 2024 calendar year, you had a 7k non-deductible contribution on line 1, no prior basis so line 2 zero, 7k on line 3, and the final basis carryover on line 14 since nothing else happened. This will carry over to line 2 on your 2025 8606.
For the FMV as of 12/31/25 you would use your year-end statements this is the right thing to do, as 5498s don't usually get sent out until May. The outstanding rollover is to do with 60 day rollovers that may be happening around year-end but doesn't sound like it applies to you so just ignore that and provide your 12/31/25 MV. See below Form 8606 instructions for that line.
If you had a pre-tax balance then your 2025 Roth conversion will be partially taxable (calculated on lines 9-12) and you should expect some of the 7k basis to be carried over to 2026. The smaller MV of the conversion vs. the contribution will also result in some basis carryover. Until your IRA balance is fully distributed or converted you will have some portion of that basis carried along via Form 8606. You never pay tax on the 7k but it's now considered to occur over the life of the IRA.
2025 Form 8606 Instructions
https://www.irs.gov/pub/irs-pdf/i8606.pdf
Line 6
Enter the total value of all your traditional IRAs as of
December 31, 2025, plus any outstanding rollovers. A
statement should be sent to you by January 31, 2026,
showing the value of each IRA on December 31, 2025.
However, if you recharacterized any amounts originally
contributed, enter on line 6 the total value, taking into
account all recharacterizations of those amounts,
including recharacterizations made after December 31,
2025.
For purposes of line 6, a rollover is a tax-free
distribution from any traditional IRA that is contributed to
another traditional IRA. The rollover must be completed
within 60 days after receiving the distribution from the first
IRA. An outstanding rollover is generally the amount of
any distribution received in 2025 after November 1, 2025,
that was rolled over in 2026, but within the 60-day rollover
period. A rollover between a traditional SIMPLE IRA and a
qualified retirement plan or an IRA (other than a traditional
SIMPLE IRA) can only take place after your first 2 years of
participation in the traditional SIMPLE IRA. See Pub.
590-A for more details.
