TurboTax asks info from form 5498 for the value of my traditional IRA

Forum|Forum|7 years ago
June 5, 2019
1 reply
12 views

From all the posts I found, it seems I don't need to enter my form 5498. But, at one of the item (please see the attached screenshot), turbotax asks "Tell Us the value of your traditional IRA", there are 3 boxes I need to enter:

1. Value of your traditional, SEP, and SIMPLE IRAs on December 31,2018.

2. Outstanding rollovers

3. Outstanding Recharacterizations

Do I need to enter those?

If I need to enter them, where can I find these on form 5498? (which boxes on the form 5498?)

TurboTax Premier Windows

dmertz

Level 15

Yes, you need to enter those. TurboTax asks for these in anticipation of needing to prepare Form 8606 if Form 8606 is required to be included with your tax return.

Since the regular due date of your tax return is before the deadline for IRA custodians to issue Forms 5498, these values are normally obtained from your year-end IRA statements and from your transaction statements showing distributions that were made near the end of the tax year but were deposited as rollovers or recharacterizations early the following year. The rollovers and recharacterizations for 2018 not deposited until 2019 will be reported on your 2019 Form 5498 that you won't receive until about a year from now, so you don't wait for that to file your 2018 tax return.

minchinghoAuthor

Level 2

Thank you for your answer. I do find 5498 available for my accounts. Actually, I found a 5498 for my 401k rollover IRA, a 1099-R for my traditional IRA, and a 5498 for my Roth IRA. Does turbotax ask me to enter "box 5 fair market value of account" into "value" box on turbotax? Do I also need to include the value of my traditional IRA even it has 1099-R? For the outstanding rollover box on Turbotax, does it ask me to enter “box 2 rollover contributions” on my 5498? The terms on the form maybe different. Can you please tell me the box number on my 5498 if I didn't get it right?

Thank you.