form 5498

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  • helptax
    Junior Member
    • Feb 2007
    • 13
    #1

    form 5498

    Hello all, on the form 5498, box#5 which is fair market value of account has figure of over $2,000 and ROTH IRA type. There is no other figure in any other box. I don't think I have to report this, Am I right? Thank you for the response.
    Tags: None
    • DaveO
      Senior Member
      • Dec 2005
      • 1453
      #2
      This is not reported

      The function of the form is to help you calculate your RMD if you are 70 1/2 or older.
      In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
      Alexis de Tocqueville

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        • BP.
          Senior Member
          • Oct 2005
          • 1750
          #3
          Originally posted by DaveO
          The function of the form is to help you calculate your RMD if you are 70 1/2 or older.
          Also, 5498's may sometimes be needed when preparing an 8606.

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