While Form 5498 reports the year-end value to the IRS, a copy of that form is not required to be supplied to the accountholder unless there were some sort of contribution, rollover or Roth conversion required to be shown on the form. Otherwise the year-end statement from the financial institution will provide the accountholder with the year-end value.
The SECURE 2.0 Act reduced the excess-accumulation to 25%, or, if the RMD is completed within the correction window, 10%. It's this change to the tax code that has caused the change to Form 5329 that the TurboTax developers implemented so poorly in the earlier versions of 2024 TurboTax. I think that today's update has delivered additional changes to TurboTax to improve that situation.
