@MinhT1 wrote:
Value of all IRAs on 12/31/2020 means the fair market value of your IRAs at year end.
You can find that value either in box 5 of your form(s) 5498 or in the December statement of your IRAs.
5498 forms for the 2020 value usually are not sent until late May - after the filing date. That is because you have until the filing date (Apr 15, 2021) to make 2020 IRA contributions, so the IRA custodian does not know what to report for contributions on the 5498 until after that date.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
