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What IRA records should I keep?

ira records

ira records

New York - You should keep the following IRA records:

  • Documentation of your contributions and any withdrawals

  • Documentation of any transfers between IRA accounts or from retirement plans such as 401k plans.

  • IRS Form 1040 (tax return)

  • IRS Form 8606 (shows deductible and nondeductible contributions).

  • IRS Form 5498 (shows the amount of contributions you made each year and the value of your IRA)

Because you are not creating a taxable event, you generally do not need to keep track of transactions that merely shifts money around within your IRA account.



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