Hi Everyone - I would like to get some feedback regarding Form 5498. 

Typically when a client takes the distribution and I have a 1099-R, I will include the FMV under section 8606 in Lacerte (towards the bottom). I understand that this amount doesn't need to be reported or included if no distribution occurred. Is there any tax consequence (positive or negative) that may occur in the future by entering or failing to enter this information?

I found a spot for cost basis under Adjustments to Income > Traditional IRA >> Form 8606 >>> Basis in IRA as of 12/31/2019

I entered this information and it doesn't impact 2020 tax return. When the client does take a distribution in the future, could it be beneficial to have this ongoing cost basis in Lacerte?

Thank you!