[[ I have IRA statements going back 14 years and I am hoping that I don't need them. I had IRAs in a couple of banks and credit unions and eventually transferred them to Vanguard.]]You certainly don't have to keep each and every statement. But the statements that PROVE when and where you made you contributions should be kept...at least in my opinion.[[ I can prove that I never contributed more than $2,000 in a year but I am not sure that this is really necessary. (The ability to prove it I mean.) Isn't there some sort of statute of limitations?]]This shouldn't be a major consideration. But again, it would be nice if you had a year end statement that recapped all of the transactions for the year. Then you could get rid of all of the "monthly" or period statement.[[ I sort of had the impression that the records should be kept to establish the basis of the account for tax purposes but since both deductible contributions and earnings are taxed as ordinay income, I am not sure what value there is to having this so well documented.]]Just to prove when and where the contribution was made. As you say, if ALL of your contributions were deductible, then you don't have to prove your basis (which you would do via Form 8606 anyway). ]]I did make a single non-deductible contribution at some point in the late 80s. There was some sort of IRS form to file and I do understand the reason for keeping that permanently. ]]Absolutely...[[ I am trying to reduce clutter. Can I toss most of these statements?]]I'd certainly want to see 'em first before I gave you an answer. There is a 99.999% chance that you would never need 'em. But I'm a careful type of guy, and would most likely (and do) keep the records just in case of that odd .001%. But that's just me.TMF TaxesRoyWant to learn more about taxes and investing? Then we have a deal for you!! The Motley Fool Investment Tax Guide is now available through Fool Mart. Be the first one on your block to own this masterpiece. It'll help you with your 1998 taxes, and it's never to early to start planning for your 1999 taxes. So just click on this link (http://www.foolmart.com/market/product.asp?pfid=MF+013+I) to read more about this amazing collection of tax information. (Apologies for the shameless plug…but it is a pretty good book…if I do say so myself). In addition, if you would like to visit the Taxes FAQ (Frequently Asked Questions) area, click on http://www.fool.com/school/taxes/taxes.htm and you'll be right at the home page. Check it out. Finally, if you need to get to the IRS web site, click on http://www.irs.ustreas.gov to go directly there.
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