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Question

Am I supposed to enter the "Fair Market Value of Account" listed on the Form 5498 in Turbotax where it asks for total value of all IRA's?

Forum|Forum|3 years ago
February 16, 2023
1 reply
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TurboTax Premier Online

Yes, unless you have more than one 5498 in which case you'll add all of those fair market values together.

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Where do I list that value? I saw the question but skipped over it. Now when I go back I can't seem to find it.

It is in the retirement section.

Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
On the "Review your 1099-R info" screen click "Continue" after you entered all Form 1099-Rs
Answer "Yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
Answer the questions about the basis from line 14 of your 2023 Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs

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