Where do I enter Form 5498, Box 5 fair market value of account?
The Fair Market value of an IRA account is only needed for your tax return if you received an IRA distribution last year and made a nondeductible contribution in a prior tax year. If you did not get a 1099-R reporting an IRA distribution or if you did not make a nondeductible contribution in a prior tax year, that information is not needed.
If you did receive a 1099-R with an IRA distribution and you made a nondeductible contribution in a prior year, you will need to enter more information. There will be a screen after the 1099-R screen that asks for the basis of your IRA account and the fair market value of the account at the end of the year.
If you did receive a 1099-R with an IRA distribution and you made a nondeductible contribution in a prior year, you will need to enter more information. There will be a screen after the 1099-R screen that asks for the basis of your IRA account and the fair market value of the account at the end of the year.
