I'm not understanding the enter total value of all Traditional IRAs for Form 5498. I have one Traditional IRA in one financial institution that I intend to convert a certain amount a year to a new Roth IRA in the same financial institution. I'm going to try and attach a screenshot of the question that Turbotax presents me. I have several other Traditional IRAs in other financial institutions as well as two Inherited IRAs. Am I supposed to provide the full market value of the one Traditional IRA that I am using for the source of the conversion to the new Roth IRA or the total full market value of ALL Traditional IRAs and Inherited IRAs? I understand that the value is computed on 12/31/2024 but I can't understand the IRS instructions for Form 5498. I'm starting to think that this tax issue is too complicated for TurboTax. Any help will be appreciated!!
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"the total full market value of ALL Traditional IRAs and Inherited IRAs? "
the total full market value of ALL Traditional IRAs YES
and Inherited IRAs? NO
Inherited IRAs must be treated separately. They cannot be converted.
If you inherited from two owners, each of those accounts must be treated separately.
"the total full market value of ALL Traditional IRAs and Inherited IRAs? "
the total full market value of ALL Traditional IRAs YES
and Inherited IRAs? NO
Inherited IRAs must be treated separately. They cannot be converted.
If you inherited from two owners, each of those accounts must be treated separately.
fanfare,
Thanks for the response! I believe that I understand this better after your input.
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