topic Why is TurboTax asking me to enter info from Form 5498? My financial institution does not have it ready, as it's not required to file taxes. I am not old enough for RMDs either. in Retirement tax questions

Why is TurboTax asking me to enter info from Form 5498? My financial institution does not have it ready, as it's not required to file taxes. I am not old enough for RMDs either.

cindyohio1 — Sat, 28 Feb 2026 18:24:47 GMT

TurboTax is demanding this info, although my financial institution has not prepared the Form 5498 yet, and it's not required for filing the tax return.

How can I get around this? It's making me nervous that TT is requesting non-required info.

Re: Why is TurboTax asking me to enter info from Form 5498? My financial institution does not have it ready, as it's not required to file taxes. I am not old enough for RMDs either.

baldietax — Sun, 01 Mar 2026 00:20:52 GMT

which section is asking - did you do a backdoor Roth or other Roth conversion for example? it's required for Form 8606. The prompt to use 5498 is misleading, IRS instructs to use year-end brokerage statements for Line 6 on this form.

https://www.irs.gov/pub/irs-pdf/i8606.pdf

Re: Why is TurboTax asking me to enter info from Form 5498? My financial institution does not have it ready, as it's not required to file taxes. I am not old enough for RMDs either.

cindyohio1 — Sun, 01 Mar 2026 20:27:48 GMT

Thank you!

This was related to converting a traditional IRA to a Roth IRA.

Not sure why TurboTax required this info since it DID NOT use it on form 8606. I.e., Part 1 was left blank, as it did not apply; only part 2 of form 8606 was filled out.

Re: Why is TurboTax asking me to enter info from Form 5498? My financial institution does not hav...

DanaB27 — Sun, 01 Mar 2026 20:41:28 GMT

The value question is automatically trigged by entering a From 1099-R with the IRA/SEP/SIMPLE box checked.

Re: Why is TurboTax asking me to enter info from Form 5498? My financial institution does not hav...

user17752365900 — Fri, 03 Apr 2026 17:25:38 GMT

I had the same question. Moved funds from traditional IRA into Roth-IRA. Your note states what triggers the query, but a previous user asked why TT demands information that isn't needed or used. I have the same question. Shouldn't there be a branch point for distributions that go 100% into a Roth-IRA that obviates the inconvenience and stress of combing records and dealing with Form 8606 ?

What is the simplest way to handle this demand by TT for these data ?

Thanks in advance for your reply.

Re: Why is TurboTax asking me to enter info from Form 5498? My financial institution does not hav...

BillM223 — Fri, 03 Apr 2026 20:32:29 GMT

I assume that TurboTax is asking for the value of your IRAs(s) as of December 31, 2025. If so, it does this because you have triggered an error condition such as excess contributions to your IRA, so on line 17 or 25 of the 5239, TurboTax can calculate the penalty which is 6% of the excess or the value of your IRA(s), whichever is smaller.

Normally, you would just enter the amount (which can be found by looking at your IRA account(s) for the value on December 31, 2025 - you don't have to wait for the 5498(s).