Retirement Savings and Benefits
Questions and comments about IRAs, 401k accounts, social security, and other forms of retirement savings and benefits.
why 5498 for Roth w/ FMV only ?
Posted by: RustyShackleford, May 23, 2017 06:48PM
Why did I receive a 5498 for a Roth IRA for which no transactions took place ? (IOW, only box 5, "fair market value", contains a value). I thought the point of reporting FMV was in calculating RMDs (for taxpayers over 70yo); but Roths are not subject to RMDs.

Re: why 5498 for Roth w/ FMV only ?
Posted by: Alan S., May 23, 2017 08:34PM
I agree, does not make much sense. The value for an inherited Roth is required since those have RMDs, so perhaps some custodians did not carve out an exception for owned Roth IRAs for the value reporting.

The year end value report for an owned Roth IRA is NOT an IRS requirement.

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