☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Jun 3, 2019 4:44:59 PM

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

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

0 1 788
1 Best answer
Level 13
Jun 3, 2019 4:45:01 PM

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.



1 Replies
Level 13
Jun 3, 2019 4:45:01 PM

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.