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Household Finances

A question for Snidely

8 years ago

Do I have to keep my IRA statements forever? What good are they, beyond just checking on them when they come out? Nothing is being added, and we are not taking anything out yet.

Thanks.

Featured Answer

Elmer J Fudd

8 years ago

last modified: 8 years ago

Regular IRA, where you claimed a deduction for the contribution? Not forever. Records need to be maintained to support income and deductions in case of an audit. For people who file their returns honestly, the IRS has 3 years from when the return is filed to propose audit adjustments. There are other rules but there's no need to mention them. California FTB has 1 more than that, 4. Call it 5 years.

What comes out of a regular IRA is all ordinary income anyway, so once you've substantiated your deduction and the statute of limitations for the deduction year closes, there's no need to have the statements. You can often get replacements for lost statements from the bank or financial institution anyway, so they're not precious either way.

For a Roth IRA, what goes in isn't deductible and what comes out is non-taxable, so you don't need to keep those at all.

Remember that some documents that can affect future returns (like cost basis of stock or real estate purchased) need to kept for use in the years assets are sold.

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Comments (6)

sushipup1
Original Author
8 years ago
These IRAs were roll-overs from 401k's, and have had no in/out activity for 20 years, only when we have bought/sold assets within the accounts. Thanks very much.
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Elmer J Fudd
8 years ago
last modified: 8 years ago
Ha, I was going to include a sentence on rollover IRAs but figured it was already too long.

Unless supplemental non-deductible contributions were made to the original qualified plans that were the source of the rollover balances (data for which you might need to have to compute basis), nothing need be retained. Because distributions are assumed to be from pre-tax earnings plus investment gains and so will be wholly taxable.
sushipup1
Original Author
8 years ago
This helps me in cleaning out stuff prior to our move. Thank you!
dees_1
8 years ago
Just adding my two cents, since you mentioned the IRA contains assets from qualified plans. I would keep the supporting documentation for the actual deposit into the IRA as well as the associated distribution documentation from the qualified plan. Qualified plans may request documentation on the original asset source if you wish to roll those assets back into a qualified plan. The ability to roll back into a qualified plan may vary by plan but it is certainly allowed. While this may not fit your situation, it may be helpful to someone searching for similar advice.
Elmer J Fudd
8 years ago
I'm not sure that what you're suggesting is required to transfer a rollover IRA into a qualified plan. Maybe so, but if that's desired, makes one wonder why it was taken out of a qualified plan to begin with. AND, the financial institution may keep the original transfer documentation anyway.

N/A in any event, these folks are retired.

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