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Record retention for SEP IRA


Guest Roger K.
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Guest Roger K.

How long are monthly brokerage statements required to be kept for a SEP IRA? The only guideline I can find is 6 years after last transaction for pension plan documents (IRA, Keough, SEP). That would mean pretty much keeping statements forever and alot of worthless paper in storage. IRS guidelines for IRA's do not mention brokerage statements but says to keep the the annual Form 5498 to confirm contributions, distributions and FMV.

Any help would be appreciated.

Thanks,

Roger K.

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  • 5 weeks later...

I would keep at least one copy of the brokerage statement to show the registration of the account is that of the plan if not apparent from the 5498. I would also keep copies of any tax returns forever. I generallysuggest that the last 6 years be maintained with supporting documentation. Beyond 6 years, discard the supporting information.

Hope this helps.

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