Skip to main content
March 11, 2025
Solved

Form 8606

  • March 11, 2025
  • 2 replies
  • 0 views

How can I enter the value of my IRAs without form 5498?

    Best answer by dmertz

    The year-end IRA balance is on your year-end statement from the IRA.

    2 replies

    dmertzAnswer
    Employee
    March 11, 2025

    The year-end IRA balance is on your year-end statement from the IRA.

    Lgk213Author
    March 11, 2025

    Where do I enter it on TurboTax?

    March 11, 2025

    You will need to continue after you entered all Form 1099-Rs and then get the screen "Tell us the Value of all of Your Traditional IRAs":

     

    1. Click on "Search" on the top right and type “1099-R”  
    2. Click on “Jump to 1099-R”
    3. Click "Continue" and enter the information from your 1099-R
    4. On the "Review your 1099-R info" screen click "Continue" after adding all Form 1099-R
    5. Answer "Yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
    6. Answer the questions about the basis from line 14 of your 2023 Form 8606 (or last filed Form 8606) and the value of all traditional, SEP, and SIMPLE IRAs on December 31, 2024.
    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"