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[[ 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 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. ]]


[[ 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.

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