I came across the statement in the subject in Turbotax 2022, and it also mentioned form 5498 that I should have received. But I never ever receive such a form from my brokers for the past decades. Can I just skip this portion of the interview?
Thanks in advance.
No, you should not skip this portion of the interview.
The value of the IRA at the end of the tax year is used to calculate the taxable portion of any IRA distributions that were taken if there were nondeductible contributions made to the account over the years it has been in existence. Without that information, the taxable portion of your distribution will not be accurate.
If you do not have Form 5498 to show the value, then take a look at a year-end statement for your account or contact your account administrator.
Your next Form 5498 will be issued after May 31st, so watch for it and keep it with your tax records.
I don't understand. First of all, I never ever had to report the balance for the past 25 years. Secondly, there were not any IRA distributions taken. I have not taken out any money from my IRA because I'm not at the retiring age. And I don't plan on taking any distributions until I'm 65.
Does that make a different?
Thanks.
Yes, if you are not taking out distributions from your IRAs, skipping this entry will not change your return for this year.
Also, this is what it says on the brokerage website: If your IRA received a contribution, 60-day rollover, or direct rollover for the reporting year, Form 5498 will be available on the displayed page by May 31. My account didn't receive any of that.
I no longer contribute to my IRA; I have not done it for the past many years.