You should keep most IRA statements for at least three years after filing the tax return they relate to, but some records need to stay in your files much longer. If you ever made nondeductible contributions to a traditional IRA or any contributions to a Roth IRA, you need to keep certain records until every dollar has been distributed from the account. That could mean decades.
The right retention period depends on what type of IRA you have, whether you have cost basis to track, and whether you might ever need to prove something to the IRS.
The Standard Three-Year Rule
The IRS says most taxpayers should keep tax records for three years after filing the return (or three years after the return’s due date, whichever is later). This covers your basic ability to respond if the IRS questions something on a past return. For routine IRA activity, like a deductible contribution or a required minimum distribution where the entire amount is taxable, three years after filing is generally sufficient.
There are exceptions that stretch this window. If you underreport income by more than 25% of the gross income on your return, the IRS has six years to audit you, so records should be kept that long. If you claim a loss from worthless securities, keep records for seven years. And if you never file a return, or file a fraudulent one, there’s no time limit at all.
When You Need to Keep Records Indefinitely
The three-year rule breaks down entirely when your IRA involves cost basis, meaning money you already paid taxes on before it went into the account. This applies in two common situations: nondeductible contributions to a traditional IRA, and all contributions to a Roth IRA (since Roth contributions are made with after-tax dollars).
The IRS instructions for Form 8606, which tracks nondeductible IRA contributions, are explicit. You need to keep the following records until all distributions from the account are complete:
- Page 1 of your Form 1040 for each year you made a nondeductible contribution to a traditional IRA
- Every Form 8606 you filed, along with any supporting statements, attachments, and worksheets
- Form 5498 or similar statements from your IRA custodian showing contributions made each year
- Form 5498 or similar statements showing your traditional IRA’s year-end value for each year you received a distribution
- Form 1099-R for each year you received a distribution
If you opened a Roth IRA at age 30 and don’t fully drain it until age 80, that’s 50 years of recordkeeping. This isn’t optional. Without these records, you could end up paying taxes twice on money that was already taxed before it went into the account, because the burden of proving your basis falls on you, not the IRS.
Why Your Brokerage Won’t Keep Them Forever
Many people assume their brokerage or IRA custodian will store old statements permanently, but that’s not the case. Financial firms are required by FINRA to retain account records for six years after the account is closed, and general communications for at least three years. In practice, most major brokerages make electronic statements available online for seven to ten years, though policies vary.
If you’re relying on your custodian’s online portal for records from 15 or 20 years ago, they probably won’t be there. Download or print statements you’ll need for basis tracking while they’re still available. If you’ve already lost old statements, contact your custodian directly. They may be able to retrieve archived records, though some charge a fee for research going back more than a few years.
What to Keep for Roth IRAs Specifically
Roth IRAs deserve special attention because two separate clocks are running. First, you need to prove your contributions to withdraw them tax-free and penalty-free (contributions can come out anytime, but the IRS can ask you to demonstrate what you contributed versus what you earned). Second, you need to prove you’ve met the five-year aging rule for qualified distributions of earnings.
Keep every annual contribution record, every conversion record (including the Form 8606 and 1099-R from conversion years), and every Form 5498 your custodian sends. Hold onto all of these until the account is fully emptied, whether that’s by you or by your beneficiaries after your death.
Records Your Beneficiaries Will Need
When someone inherits your IRA, they inherit the recordkeeping responsibility too. A beneficiary who inherits a traditional IRA with nondeductible basis needs the original owner’s Form 8606 history to avoid being taxed on money that was already taxed. A beneficiary who inherits a Roth IRA may need to prove when the account was first funded to satisfy the five-year rule.
This means your IRA records should be organized in a way that someone else can find and understand them. A folder (physical or digital) labeled with the account number, custodian name, and a note about whether the account contains any after-tax basis can save your heirs significant money and frustration.
A Practical Retention System
Rather than memorizing different timelines for different situations, a simple two-tier approach works for most people.
For routine annual statements showing balances and transactions, keep them for seven years. This covers the standard three-year audit window, the six-year window for underreported income, and gives you a buffer. Once seven years have passed from the filing date of the related tax return, you can shred these.
For anything related to cost basis, keep it permanently. This includes every Form 8606, every Form 5498 showing contributions, every 1099-R from conversions or rollovers, and the first page of your 1040 from any year you made nondeductible contributions. Store digital copies in at least two places, such as a cloud backup and an external drive. These records follow the account for its entire life, potentially through an inheritance.
If your IRA holds only deductible traditional contributions and you’ve never done a conversion or rollover, you’re mostly in three-to-seven-year territory. But if there’s any after-tax money involved, those records are effectively permanent.