Form 5498: Turbo Tax asks for value of all Trad IRA accounts?

[george_c]

TurboTax is asking me for the value of all my Traditional IRA accounts as of 12/31/2021 for 2021 taxes, but form 5498 for 2021 is not sent out until 5/22/2022. 

TurboTax specifically mentions that this info is found on Form 5498. 

how do I get this info, or cancel it on Turbo Tax? If I hit the “Continue” button it just returns to the same entry page for this info. 

[DavidD66]

You can find the value of your IRA accounts by reviewing your year end statements.  If you don't have the statements, you can log in to your online account and find it.  You could also call your IRA administrator and ask them.

[randyharrison54]

You are able to contribute to your IRA until the filing deadline (April 18th this year).  The IRA managers are given until May 24th to get Form 5498 out to you.  To accommodate this the IRS allows you to file an extension, you, however, are responsible for any tax due by April 18th.  To accomplish this, estimate the values of your IRA and fill in TurboTax and let it calculate the amount you owe (or refund) and mail a check to the IRS for the amount you think you owe.  This will minimize you owing a lot of interest and or penalties. If you are getting a refund and need the money NOW, file your taxes, again, including the guess on the values you expect the Form 5498 and when the Form comes out in May then file an amended 1040 at that time and at least you will have gotten the Lionshare of your refund  

[BillM223]

"TurboTax is asking me for the value of all my Traditional IRA accounts as of 12/31/2021 for 2021 taxes," - I imagine that the reason that TurboTax is asking this is because you have an excess IRA contribution that is being carried over to next year, so you are being penalized 6% times the smaller of your excess contributions carried over or the value of all your traditional IRAs on the last day of the year. See line 17 on form 5329.

Even without the 5498, as David says, you ought to be able to get an accurate number with a little research in your statement(s) or with a phone call to your IRA administrator(s).

[george_c]

OK thanks. I would have just pulled it form my statements had turboTax not specifically mentioned Form 5498. I don't know why they would add that confusing detail. 

[wbd1051]

I know this is an old problem but same problem every year. I am being ask this question and I checked my previous years EOY statement with that years 5498 and they almost never match. Off a few pennies to a few dollars. So what happens then will I get audited? Frustrating.....

And Turbo Tax is still screwing people up on their RMD. First screen ask amount and then rounds it up or down. Then on next page if you enter the exact amount again and you are short because of the rounding you will be penalized.

[DaveF1006]

No. The IRS gets a copy of your Form 5498. If your "Total Value" in TurboTax is off by a few cents or even a few dollars, you won’t get audited for that. The IRS usually ignores rounding differences under $10. They’re focused on large discrepancies, not small rounding issues.

[wbd1051]

I figured that on the 5498. But the RMD is a Turbo Tax problem and when I first encountered it last year It penalized me a quiet large sum saying I did not meet my RMD and it was just because they rounded my entry on first screen and then did not on the next screen. When I figured out what the problem was I went back to second screen and rounded it up. Example: $$$$5.85 was rounded up to $$$$6.00 but on 2nd screen it took exactly what I entered so I was .15 short and did not meet my RMD. I should take out more than the exact RMD and it would not be a problem but that is another problem I was dealing with.