Paperwork to keep re: converted & contributory Roth IRAs

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CrossOverGuy
Posts: 422
Joined: Fri Apr 27, 2007 2:19 pm

Paperwork to keep re: converted & contributory Roth IRAs

Post by CrossOverGuy »

Is is necessary to somehow still differentiate between converted and contributory Roth IRAs? I have paid the taxes on the converted ones, but just wondering about if I need to keep paperwork (or how much of it to keep). For example, do I need to keep some paperwork of another fund company where the money came from and also when I converted it at Vanguard? I'm trying to get rid of some papers, but want to not get rid of something I might need in the future. I guess it might come in handy if I ever needed to withdraw my original basis (either contributed or converted) before I was 59 1/2. Other than that, do I need to keep those 5498 forms from years ago as well, especially if they don't represent what I currently have? Thanks for your help.
kaneohe
Posts: 6786
Joined: Mon Sep 22, 2008 12:38 pm

Re: Paperwork to keep re: converted & contributory Roth IRAs

Post by kaneohe »

It's probably useful to keep track of contributions (dates/amounts) and conversions (dates/amounts/taxable amounts) separately since contributions and conversions can be treated differently when withdrawn so the 5498s from the years that you have contributions and conversions would be useful. 5498s from other yrs and supporting statements from the different brokerages and fund companies would seem to be of secondary value tho there is always the risk that you'll throw out one you didn't intend to. Your income tax records from the yrs you do conversions would be useful to show that they were taxed or not.
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