Form 5498 Reporting

[CzarSosa]

Turbo Tax is asking for my balance on my partial IRA conversion to ROTH that I started in September last year. My financial institution is not providing Form 5498 until May 31. How do I find out the amount? Do I need to go to the end-of-year statement to enter the balance?

[baldietax]

yes the guidance to use 5498 is misleading, use year-end statements per Form 8606 Line 6 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.