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Level 2
posted Feb 7, 2021 2:00:40 PM

How do I report the value of my Traditional IRA when I do not receive a Form 5498 until after tax filing deadline?

Can I use the Form 5498 from the previous year? I get the Form for the current year in the summer months after April 15th. Also, does it matter if the value amount is not what I contributed, but is what I rolled over from a 401K?

0 2 402
2 Replies
Expert Alumni
Feb 7, 2021 2:23:46 PM

Without knowing what you're working on, it's hard to say what value you need to enter.  As for the value of your IRA, you can get the value from your yearend statement.  If you don't have the statement, it is available from your broker/custodian online.

Level 15
Feb 7, 2021 2:54:42 PM

the 5498 helps the IRS not you.

It is rarely of much use to file your tax return.

Still you have to keep it for your records.