topic Re: Form 5498 in Retirement tax questions

Form 5498

rperea99 — Wed, 18 Feb 2026 02:52:19 GMT

I rolled over some 401k and 403b accounts to a financial company to Trad IRA around July of 2025 and now turbo tax wants the value of the trad, SEP and simple ira on Dec 31 2025 from form 5498. I have never received a form 5498 and when I log into the financial company it will not be ready until May 2026. What do I answer to move forward on this, since Turbo tax show " a value is required' ?

Re: Form 5498

Opus 17 — Wed, 18 Feb 2026 04:05:10 GMT

Add up your balances from your account statements. You should be able to get the year end balances from the brokers.

As a side comment, form 5498 is almost always issued late, because of the ability to make retroactive contributions means your 2025 contributions are not final until after April 25, 2026. But once the form is available it is a good idea to download a copy and keep it with your other tax papers in case you ever need to prove your contributions or the source of your funds.

Re: Form 5498

Aussie — Wed, 18 Feb 2026 15:19:38 GMT

I had the same question so thank you for answering. I am curious why TurboTax asks for this information, what is it used for on the tax return? In my case I am reporting Traditional IRA rollover conversion to ROTH IRA

Re: Form 5498

DawnC — Tue, 24 Feb 2026 04:25:49 GMT

Check with your financial institutions; the custodian can give you that information easily. Or log in to your account(s) and look for Fair Market Value on 12/31/25. TurboTax uses the December 31 balance to generate Form 8606 and to calculate:

What portion of your conversion is taxable
What portion is non-taxable

If you converted money from Traditional IRA to Roth IRA or did a backdoor Roth contribution, the IRS applies the pro-rata rule. That means you cannot just convert the “after-tax” money.

The IRS looks at ALL your IRA balances combined as of 12/31.

@Aussie