topic Re: Trad IRA Value in Retirement tax questions

Trad IRA Value

Bobconchance — Mon, 09 Mar 2026 06:12:05 GMT

How can I record Traditional IRA value for Dec 31st 2021, when I will not get form 5498 until mid May 2022

Re: Trad IRA Value

dmertz — Sat, 12 Feb 2022 22:36:10 GMT

The value will be present on your year-end statement available from your IRA custodian.

Re: Trad IRA Value

Bobconchance — Sun, 13 Feb 2022 10:06:09 GMT

Thanks for the reply,

I do understand that I can add up totals from my year end statements and get a total for my Traditional IRAs. But why is it that totals from the year end statements don't match what Form 5498 shows. So, I wonder if I should leave the field blank in Turbo Tax, use the total from my year end statements, or use the figure provided on the Form 5498 when it arrives in May. I lean towards leaving it blank. I don't know that I want to record any more than what is being provided to the IRS which is the figure on the Form 5498.

I'm not sure what I am getting by recording the information in Turbo Tax.

Any thoughts?

Re: Trad IRA Value

fanfare — Sun, 13 Feb 2022 11:19:33 GMT

you must report the total value of all IRA, SEP and SIMPLE accounts.

If you did nothing in an account you would not get any 5498.

If you've been filing based on incomplete 5498 documents in the past, you've been doing it wrong.

Re: Trad IRA Value

dmertz — Sun, 13 Feb 2022 14:14:39 GMT

"But why is it that totals from the year end statements don't match what Form 5498 shows."

That's a question for your IRA custodian. The value shown on a December 31 statement should match what is in box 5 of the Form 5498 for that account.