The IRA custodian is required to provide you with the year-end Fair Market Value of the traditional IRA, but in the absence of any contributions the to the traditional IRA for the year, the traditional IRA custodian is permitted to provide you with the FMV on your year-end statement rather than providing you with a Form 5498. The IRA custodian still files Form 5498 with the IRS to provide the IRS with the FMV.
