Recordkeeping Requirements

You should keep accurate records of all retirement plan contributions that you make each year.  A spreadsheet would be ideal for such recordkeeping, as you should track each plan’s contributions, including any rollovers, separately.

The fiduciary that oversees your IRAs will provide you with a Form 5498 that reports the following details for each IRA:

1. The contributions that you had made into your Traditional IRA and/or Roth IRA during the tax year.
2. Any rollover contributions that you had made into your Traditional IRA and/or Roth IRA during the tax year, and
3. The balance in each Traditional IRA and/or Roth IRA as of December 31st of the tax year.

Form 5498s are usually distributed either in January or May of the following year.