Form 5498, box 5
my client recieved a 5498 with an amount in box 5, fair market value of account. Am I correct in assuming that this is an information form and box 5 information does not need to be reported on the ind. tax return?
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549
buRCMguOWr4yUOacwZ5xHE
02/08/12 11:37am PST
2 Replies
abctax55
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02/08/12 12:45pm PST
That's correct (FMV doesn't need to be reported). The form also shows contributions made during the year, if any.
For a professional answer you might want to ask this question of a paid support person at Intuit Tech Support (800-434-6818). Those who choose to volunteer on this forum are not compensated or supported by Intuit.
mojocpa
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02/08/12 12:48pm PST
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Yep, as long as there were no distributions.
If my post did not answer your question, get a paid Intuit employee's answer for Lacerte questions at 800-933-9999. Oh, and enjoy the elevator music while you wait.
