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Question

Why is Turbotax asking for the FMV of all IRAs, submitted on form 5498

Forum|Forum|1 year ago
April 5, 2025
1 reply
0 views

Everything I read and have been told is that form 5498 is not a reported form for our tax return, yet Turbotax is asking for the FMV of all IRAs. I didn't get a form 5498 for all of my accounts, only one so I don't know how to answer this question. Also, this is the first time I've been asked for the FMV; does this not apply to a work related 401a/403b?

Employee

If you have a penalty on Form 5329, that item will be relevant.

If your IRA is worth more than the penalty, enter any amount greater than the penalty.

florence3Author

Goodness, I am now aware of yet one more form to watch for and my rabbit hole lined with forms continues! I appreciate your input fanfare, thank you!

For the IRAs we didn't get a 5498 on, how do I know the FMV? Is it just the balance as of December 31?

Employee

due to TurboTax bugs, many users are getting a wrongful penalty. Did you get penalized?

to avoid wrongful penalty, for each 1099-R, tell TurboTax that the distributed amount is the calculated required amount.
OR

to avoid wrongful penalty, for each 1099-R, tell TurboTax that the calculated required amount is -0-.