Solved: Where do I input the fair market value of my traditional IRAs on December 21, 2015?
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Where do I input the fair market value of my traditional IRAs on December 21, 2015?

 
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Where do I input the fair market value of my traditional IRAs on December 21, 2015?

When you enter information about a Form 1099-R which is reporting a distribution from an IRA that includes non-deductible contributions, there are follow-up questions to answer at the end of the Form 1099-R section of the tax return. 

From the “Your 1099-R Entries” summary screen, click Continue to move forward and answer more questions.  These questions will include things such as whether non-deductible contributions were made and tracked in previous years, IRA total basis, the value of all Traditional IRAs, and any other details needed to calculate the taxable amount of the distribution.  

To revisit the 1099-R section of your return, use these steps:

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)

  • This opens a box where you can type in “1099-R” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)

  • The search results will give you an option to “Jump to 1099-R

  • Click on the blue “Jump to 1099-R” link

 

This will bring you to the “Your 1099-R Entries” screen. 

[Edit begins here]

If you did not receive any distributions for the year, you are not required to report the fair market value of your IRA accounts as part of your tax return.  You will receive a Form 5498 reporting that FMV to you and to the IRS, but it is not included with your tax return.  You simply need to keep it for your records. 

Take a look at the TurboTax article What is Form 5498? for more details. 

Also, you asked about reporting your basis.  If you did not make any additional contributions to your IRAs during the tax year, then you do not report your basis each year.  If contributions were made, then Form 8606 is generated to help track your basis. 

https://ttlc.intuit.com/replies/3300280


edited 2/14/16 5:22 am PST to add more information

View solution in original post

3 Replies
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Where do I input the fair market value of my traditional IRAs on December 21, 2015?

What if I did not get any 1099-Rs? I hold several IRAs. which I haven't touched in 2015. Don't I have to report my traditional IRA basis, as well as the FMV of each IRA I hold?
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Where do I input the fair market value of my traditional IRAs on December 21, 2015?

Thank you for the additional information.  Please see my edited answer below for more details since you did not receive any distributions during the year.
Highlighted
New Member

Where do I input the fair market value of my traditional IRAs on December 21, 2015?

When you enter information about a Form 1099-R which is reporting a distribution from an IRA that includes non-deductible contributions, there are follow-up questions to answer at the end of the Form 1099-R section of the tax return. 

From the “Your 1099-R Entries” summary screen, click Continue to move forward and answer more questions.  These questions will include things such as whether non-deductible contributions were made and tracked in previous years, IRA total basis, the value of all Traditional IRAs, and any other details needed to calculate the taxable amount of the distribution.  

To revisit the 1099-R section of your return, use these steps:

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)

  • This opens a box where you can type in “1099-R” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)

  • The search results will give you an option to “Jump to 1099-R

  • Click on the blue “Jump to 1099-R” link

 

This will bring you to the “Your 1099-R Entries” screen. 

[Edit begins here]

If you did not receive any distributions for the year, you are not required to report the fair market value of your IRA accounts as part of your tax return.  You will receive a Form 5498 reporting that FMV to you and to the IRS, but it is not included with your tax return.  You simply need to keep it for your records. 

Take a look at the TurboTax article What is Form 5498? for more details. 

Also, you asked about reporting your basis.  If you did not make any additional contributions to your IRAs during the tax year, then you do not report your basis each year.  If contributions were made, then Form 8606 is generated to help track your basis. 

https://ttlc.intuit.com/replies/3300280


edited 2/14/16 5:22 am PST to add more information

View solution in original post

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