How to Keep IRA Documents
How to keep individual retirement account (IRA) documents depends on your personal preference for record-keeping. The Internal Revenue Service does not designate a method to keep these records, although the agency does suggest organizing the records according to the transaction type. The IRS does require that financial records, such as those found in an IRA account, be available if needed to prove any questionable transactions within the account, such as a nondeductible contribution, that you already paid tax on.
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Things You'll Need
- IRA statements
- File
- Desk drawer
- File cabinet
- Computer
- Scanner or all-in-one-printer
- Writeable CD, DVD
Instructions
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Gather all IRA transaction documents and quarterly statements together. Separate them into each different IRA account, if you have more than one account. Place each separate account into a file in chronological order. Write the name on the IRA account of the front of the file and the side tab. Store in a desk drawer, a file cabinet or in a box in your garage or attic until needed.
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2
Go to the website of the financial institution that provides your IRA statements and transactions. Download the data from the website to your computer by clicking on the statement and the download box that appears. Name the file with the date and IRA account.
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3
Scan the IRA statement and transaction documents into your computer. Place the document on your scanner or all-in-one-printer and push "scan." Designate a file name, such as the IRA account and year, and hit "save."
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4
Make a CD or DVD of your electronic statements and transactions. Insert a writeable CD or DVD into your computer. Click on the file. Navigate to the top and click "file," then "save as." On a Windows computer, double click on "my computer" and then click on "DVD drive." Store the CD or DVD in the file cabinet or on the shelf.
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Tips & Warnings
Keep IRA records indefinitely as the transactions may be questioned by the IRS.
References
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