Roth IRA Monthly Bank Statements
I know I need to save my 8606 and other valuble roth info(deposit history etc). Does a consumer need to save each monthly statement from the Roth institution(Chase, Citi, etc)?
I know I need to save my 8606 and other valuble roth info(deposit history etc). Does a consumer need to save each monthly statement from the Roth institution(Chase, Citi, etc)?
Permalink Submitted by Alan - IRA critic on Wed, 2017-03-29 01:45
No, you just need to have a system of tracking your total Roth IRA contribution basis from both regular contributions and conversions. Form 5498 will report the totals in May of the following year, however you must adjust the 5498 forms for any contributions returned to you as excess contributions, any distributions that use up your regular contribution basis that you report on Form 8606, and any conversions that you recharacterized back to TIRA. You do not need to keep any monthly statements since that info will be consolidated on Forms 1099R or 5498.
Permalink Submitted by Stuart Alpern on Tue, 2017-04-04 11:48
thank you