Record Keeping
What is the proper amount of time to maintain records of IRA contributions?
More specifically, when converting from a Traditional IRA to Roth IRA — HOPw long must records be maintained?
What is the proper amount of time to maintain records of IRA contributions?
More specifically, when converting from a Traditional IRA to Roth IRA — HOPw long must records be maintained?
Permalink Submitted by Alan - IRA critic on Tue, 2015-01-20 17:01
Form 5498 reporting Roth contributions should be maintained until your Roth is qualified at 59.5 (or later if your first contribution came after age 54, or 5 years after your last non qualified Roth distribution, if longer. You need to keep records of all your Roth contributions because you will need them to report any non qualified Roth distributions on Form 8606. That way you will also know the tax impact of taking a non qualified distribution if it becomes necessary.