AnnetteB6
Expert Alumni

Get your taxes done using TurboTax

No, you should not skip this portion of the interview.  

 

The value of the IRA at the end of the tax year is used to calculate the taxable portion of any IRA distributions that were taken if there were nondeductible contributions made to the account over the years it has been in existence.  Without that information, the taxable portion of your distribution will not be accurate.

 

If you do not have Form 5498 to show the value, then take a look at a year-end statement for your account or contact your account administrator.

 

Your next Form 5498 will be issued after May 31st, so watch for it and keep it with your tax records.  

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