sierra does accounting
Level 1
04-30-2021
04:24 PM
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Hello,
Thank you for your reply and detailed explanation.
I understand we need enter the FMV from 5498 under 8606 when we receive the 1099-R.
What I am trying to determine is if there is any benefit to entering the Form 5498 when received on its own (without 1099-R) when a distribution did not occur?
To provide some additional context - I have had several clients provide their 5498s but they did not take a distribution in 2020 (and so no 1099-R to accompany it). Most of what I've read says not to do anything with it. But could it be beneficial to enter this info under 8606 directly (not within 1099-R) to help keep track of the FMV for when a distribution is taken down the road? Or would this have no impact?
Thanks again!
Sierra