How do I report my IRA Balances as of 12/31/18 on the Federal Income Tax Return?

[kedumas1]

I've had two IRA's for a number of years. Where do I report them on the 2018 Federal Return?

[BMcCalpin · Accepted solution]

Fair Market Value (balance) on your IRA accounts is not reported on the tax return, keep that information (as well as Form 5498 if you have one) for your records.

The only time that you may be asked for an IRA balance is if you are being penalized for making excess contributions to your IRA.