The Fair Market Value statement reports the value of an IRA as of December 31 of the year for which the reporting is done
and it is sent to the IRA Holder and/or Beneficiary. Fair Market Value can also be reported on a Form 5498. If this is a Form 5498 you have, see here What do I do with Form 5498?
You do not have to report this fair market value if no funds were taken out of the IRA. In this case, just keep the report in your personal records for informational purposes.
If you did take funds out, have basis in nondeductible contributions to your IRS or made excess contributions, you will need to enter your year-end balance in order to have the TurboTax software accurately prepare your return.
NOTE: If you took a distribution of more than $10 from your IRA during the year, your plan custodian will also send you a Form 1099-R. This form reports how much you withdrew, how much of the distribution was taxable and how much, if any, was withheld for federal and state taxes. Form 1099-R must be mailed to plan participants by January 31 and to the IRS by February 28. If the custodian files with the IRS electronically, the form is due by March 31. This link will have steps for entering that 1099-R Where do I enter my 1099-R?
