Total Traditional IRA Value

[caz1]

TurboTax asks for the Value of Your Traditional IRA (sent by mail on Form 5498).

I received a 5498 form after rolling over a work 401k that showed a year end value of $197k for my Rollover IRA.  Checking my annual statement, I also have a Traditional IRA with a year end of $16k.

Is my total value that I report $213k?

Thank you

[dmertz]

Yes, you must add the year-end values of all of your traditional IRAs together.  (Traditional IRAs include SEP, SIMPLE and rollover IRAs.)  If you don't yet have the Form 5498 for the year of the tax return, you must obtain the year-end values from your year-end account statements.  In this case you would add the $197k from the 2019 Form 5498 and the $16k from the year-end statement and enter $213k.