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 1
posted Feb 24, 2024 6:04:08 AM

Roth IRA fair market value: where to declare it or does it need to be declared?

After almost completing all input to TurboTax (including importing everything from Fidelity), I received a "corrected" 5498 form with a revised box 5 (fair market value) on my Roth IRA.  I can't find the FMV of the Roth IRA anywhere in the TurboTax program/forms.  Is the FMV of a Roth something that is anywhere in your Federal or State (Michigan) tax forms?  I understand I must retain the 5498 but do I need to "correct" anything?  TIA

0 1 2236
1 Best answer
Expert Alumni
Feb 24, 2024 6:45:56 AM

No, the fair market value of your Roth IRA is not needed on any of your tax forms.  There is nothing that you will need to correct.  

1 Replies
Expert Alumni
Feb 24, 2024 6:45:56 AM

No, the fair market value of your Roth IRA is not needed on any of your tax forms.  There is nothing that you will need to correct.