skip to main content

Household Finances

A question for Snidely

10 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

10 years ago

last modified: 10 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.

Sort by:Oldest

Comments (6)

sushipup1
Original Author
10 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.
Related Discussions
Rabbit attack
Q
Comments (16)
One more thing: I hate rabbits around because of raccoon ringworm (see above), so I am always looking out to keep them far away. And this summer, because we planted a garden for the first time, the rabbits went crazy even though they can't get into it, they still come to our yard like magnets now!!! We have started to see them everywhere. And, with very little rain this summer, we have lots of yellow patches in the yard. Guess what is inside of 99%, just about each one without exception? Rabbit poop. Of course the yellow spot is from the rabbit urine. If dog urine kills grass, of course rabbit urine will too. I will re-start to use the rabbit repellent, It is all natural, find it on Amazon, made from desiccated eggs, smells terrible but is harmless. But you have to reapply after it rains. Any better ideas?... And a low wire fence to keep rabbits out - but that will be $ hundreds or a thousand in a large yard..... any better ideas? I don't know how to restore the grass back, though.... re-seed?
...See More
car theft question
Q
Comments (23)
This thread came to mind today when I read a story in the Chicago Tribune by a columnist, Eric Zorn. He wrote that car manufacturers are gouging people as much as $500 for a replacement key. A consumer group complained, and as a result, in some states a licensed keymaker can obtain the key code from the manufacturer and create a new key for about half that amount. A side element in the story was a report from AAA that said they 'rescued' about four million people nationwide who were locked out of their cars in 2012. They said the number has been constant over the last five years. Considering that I can't lock my car without the key fob...doesn't that seem like a lot of 'lost' keys? I wonder just how AAA 'rescues' these folks? The FBI reported a 43% drop in auto thefts between 2003 and 2012, which they credited to the 'smart keys'. Can a car that responds to an electronic signal even BE 'hot-wired'? Houstonmom...I think you have a problem.
...See More
Computer making a buzzing sound
Q
Comments (8)
Dust is one of the big problems for computers. It accumulates quickly and gets really dense in the tower. It causes overheating which can destroy many components in the tower. It can clog up fans and motors, fans that are so clogged with dust bunnies can not turn so causes even more heat buildup. Opening the side of the case is relatively easy, once you have fully disconnected it from all power of course, and you can take a look at the condition of the inside of the tower. I have seen some so packed with dust you actually could not see anything but the dust packed in there. This is especially true for towers kept on the floor. I would never put one on the floor. Keep in mind that buzzing sound now could prevent the total death of the computer. If you ignore it and dust is the cause the heat buildup will continue to damage the system. You definitely don't want to see this!
...See More
S daylilies Sj - Sz 2018
Q
Comments (52)
Mantis, I did miss your question. Snidely Whiplash was hybridized by Mike Georges of Canada. I don't know much about him. We have heard him speak a couple of times. He has similar tastes to mine--teeth, eye and edges, and watermarks. We didn't buy Snidely Whiplash directly from him but we got it at the auction at the Can Am in 2016. I bet it is isn't available in the U. S., but I haven't looked. Mike maintains a website. His garden is called Quintessential Daylilies. That's really all I know except that buying Snidely Whiplash was a good idea. It's fertile and looks as if it likes it here. Nancy
...See More
Elmer J Fudd
10 years ago
last modified: 10 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
10 years ago
This helps me in cleaning out stuff prior to our move. Thank you!
dees_1
10 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
10 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.

Related Stories

CONCRETE Why Concrete Wants to Crack

By Matt Clawson

We look at the reasons concrete has a tendency to crack — and what you can do to help control it

BATHROOM DESIGN Why You Might Want to Put Your Tub in the Shower

By By Any Design Ltd.

Save space, cleanup time and maybe even a little money with a shower-bathtub combo. These examples show how to do it right

ACCESSORIES To Chop or Not to Chop?

By The Yellow Cape Cod

Karate-chopped pillows pop up in design photos all the time — to the delight of some, the dismay of others. Here's why

FUN HOUZZ World of Design: 16 Fun Homes That Encourage Play

What does a fun home look like? These 16 very different properties around the world are designed with enjoyment in mind

REMODELING GUIDES Houzz Tour: Turning a ’50s Ranch Into a Craftsman Bungalow

With a new second story and remodeled rooms, this Maryland home has plenty of space for family and friends

HOUZZ TOURS Houzz Tour: A Three-Story Barn Becomes a Modern-Home Beauty

With more than 9,000 square feet, an expansive courtyard and a few previous uses, this modern Chicago home isn't short on space — or history

HOUSEKEEPING Tackle Big Messes Better With a Sparkling-Clean Dishwasher

By Bonnie McCarthy

You might think it’s self-cleaning, but your dishwasher needs regular upkeep to keep it working hard for you

LAUNDRY ROOMS See an Amazing $400 Laundry Room Remodel for a Family of 8

By Mitchell Parker

Budget shopping and DIY spirit create folding space, smart storage and better organization for a couple and their 6 kids

REMODELING GUIDES Home Elevators: A Rising Trend

By Pangaea Interior Design, Portland, OR

The increasing popularity of aging in place and universal design are giving home elevators a boost, spurring innovation and lower cost

SMALL SPACES 11 Design Ideas for Splendid Small Living Rooms

By Samantha Schoech

Boost a tiny living room's social skills with an appropriate furniture layout — and the right mind-set

Sponsored