OK I seem to be in a catch-22. I did a partial withdrawal from a traditional IRA in 2023 and converted that to my Roth IRA. The traditional IRA has a non-deductible basis in it so taxes are owed only on a portion. TT correctly transferred the basis from my previous returns. However, now TT wants to know the value of the IRA on Dec 31, 2023 (obviously to calculate the percentage taxable) from the Form 5498. However, Form 5498 doesn't normally come out until May, long after filing due date! Is TT correct in asking for the value on Dec 31, 2023, or is this a typo and it should be Dec 31, 2022, because I do have the Form 5498 for 2022?
If TT is not mistaken and I need the value on Dec 31, 2023, and Form 5498 won't be out until May, what am I supposed to do? I can get a year-end statement from the brokerage and use that, and hope it matches the Form 5498 when it comes out. Thoughts?
enter the 2023 year end value from broker statement.
the amount you converted will be added back in to get your total IRA value for tax purposes.
enter the 2023 year end value from broker statement.
the amount you converted will be added back in to get your total IRA value for tax purposes.