dmertz
Level 15

Retirement tax questions

If the bank won't be sending you a Form 5498 because you made no contributions during (or for) the year, they were required to provide you with the year-end balance in January, typically on a year-end statement.

 

Even though they might not send you a copy of Form 5498, they normally e-file it with the IRS, so it will eventually be in year Wage & Income transcript, although likely not in time to be of use in filing your tax return unless you request a filing extension.

 

If you have no basis in nondeductible traditional IRA contributions, TurboTax has no need to prepare Form 8606 Part I where the year-end value would be used to calculate the taxable amount of your Roth conversions.