Scanning Tax Returns from the Good Old Days

[jollystomper]

I started using online tax software in tax year 2005, so have everything from that point archived in my backup domain.

I have paper records dating back to 1990 that I have been going through and selectively reducing all the stuff I used to save (old bank/investment statements, medical bills, etc)... I still hang on to some of those tax returns more for nostalgic reasons . I do mask out the SS numbers on them. Eventually I will toss them, once I decide I need the additional shelf space .

 

[Al18]

I looked at my 2022 and 2023 8606 forms for Roth IRA conversions. Each 8606 form was for 1 year - not a rolling total.

 

[jollystomper]

I looked at my 2022 and 2023 8606 forms for Roth IRA conversions. Each 8606 form was for 1 year - not a rolling total.

The rolling total occurs if one had non-deductible contributions in your IRA(s) and you are converting part of it to a Roth IRA. Since one has already been taxed on the non-deductible part, that amount is tracked, helps ensure one is non double-taxed on those contributions, and is a rolling tracking of the non-deductible amount that remains in the IRA(s), to determine how much of future conversions will be taxable.

 

[Al18]

Thanks. I had no non-deductible contributions in my IRA.

 

[audreyh1]

While I was scanning a form 8606 I noticed a section on the back "what records must I keep?"

Form 8086
Page 1 of form 1040 for each year you made a non-deductible contribution.
Form 5498 or similar showing contributions made
Form 5498 showing value of IRA for each year you received a distribution.
Form 1099-R and W-2P for each year you received a distribution.

OK, I believe I followed that first instruction and they are in my safe deposit box.