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dmufeed2
Level 4
February 15, 2022
Question

FORM 5498 HOW TO FILL IT OUT AND WHERE CAN YOU INPUT THE IRA 5498 FAIR MARKET VALUE

  • February 15, 2022
  • 2 replies
  • 141 views
FORM 5498 HOW TO FILL IT OUT  AND WHERE CAN YOU INPUT THE IRA 5498  FAIR MARKET VALUE
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2 replies

abctax55
abctax55
Level 15
February 15, 2022

You don't.

HumanKind... Be Both
    qbteachmt
    qbteachmt
    Level 15
    February 16, 2022

    You use the 5498 to confirm that the client (and their broker) did in fact put their "stated to you" amount into the "type of account" as they are telling you, so that you have done your due diligence on that item. You will use FMV when it applies for purposes of IRA conversion computation, for instance, when there also is basis. Otherwise, that is an Information form and it is not part of a tax return.

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