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Am I responsible for roth IRA recordkeeping?


I have Roth IRA accounts with several investment companies, and I contribute to more than one each year while keeping the total contribution below the allowed maximum. I have also moved some of the funds between companies in the past.
So I am starting to wonder how the IRS is keeping track of all this. My fear is that when I start using the money in 20 years the IRS is going to ask me for proof that I did not overcontribute in any year. It would be hard for me to do now, and impossible in 20 years if I don't improve my recordkeeping. Thanks!

You are responsible to ensure you are not contributing in excess of your eligibility, but the funds companies are responsible for supplying you with accurate documentation. As it is a Roth, the only concern the IRS could have is your eligibility.

It's still a good idea to keep records to ensure no errors to your accounts.

The good news since the Roth has no tax on money made in those accounts the IRS won't care. However if you put too much in each year as you go along I think they should be aware of that as your holders of the IRA's send in your accounts to the IRS each year.

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