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L
lhld
April 12, 2022
Question

Is Total Value on Form 5498 the same as Fair Market Value of IRA account?

  • April 12, 2022
  • 1 reply
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Do I need to report the Fair Market Value listed on my 2021 Form 5498 IRA Contribution Information?

1 reply

A
AnnetteB6
April 12, 2022

Yes, the total value shown on Form 5498 would be the Fair Market Value of the IRA account.  You only need to report this as part of your tax return if you are asked to report it.

 

Sometimes it is needed in order to determine the taxable portion of a distribution from your IRA, but as a general rule, you should just keep Form 5498 with your tax records.

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