HopeS
Expert Alumni

Retirement tax questions

I am assuming you want to clarify whether or not Form 5498 is sent to the IRS.  If this is what you are asking yes, the information on Form 5498 is submitted to the IRS by the trustee or issuer of your individual retirement arrangement (IRA) to report contributions, including any catch-up contributions, required minimum distributions (RMDs), and the fair market value (FMV) of the account. Contributions for all types of IRAs—Roth, traditional, SEP, and SIMPLE—are reported on Form 5498.

 

If you are being asked to enter the FMV for your Traditional IRAs, you would enter the total FMV for all Traditional IRAs even if you did not have a 5498 for all accounts.

If you never had any non-deductible contributions to any of your Traditional IRAs, but you are still being asked to provide the total FMV of those accounts, the number you enter will not affect the tax calculation or be reported on Form 8606.

 

Here is additional information on Form 5498:

 

Form 5498


 @blevealeve 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"