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Would someone describe what to do with Form 5498 for Federal Income Tax Purposes?

I received a 5498 in May/June 2006. Form lists account value in 2005. No contributions, conversions, etc. Do I declare this or does it affect my 2006 Federal Income Tax Return in any way? Thank You.

Public Comments

1. It's used to deduct any IRA contributions and to tell you the value of your IRA at year end. If you did not make any contributions, then just file it away for your own records.
2. no, you dont need to file this. if you made contributions to a traditional IRA for 2006, or you plan to, then you may be able to deduct it on your tax return. remember there is no deduction for contributions to a Roth IRA.