Technical help

[Guy_Incognito]

A while back I set aside some money in a Roth IRA, but haven't followed it closely. By now, I forgot who is holding it and don't think I'm receiving statements. I haven't been able to access the long dormant hotmail account or my old job's email. Any advice?

 

[cranberry]

Did you not save original or old statements? No file?

 

[dixiehack]

If you can't contact the old employer, this is a good place to start digging.

National Registry

 

[Guy_Incognito]

Did you not save original or old statements? No file?

Will check soon. Thanks.

 

[Guy_Incognito]

If you can't contact the old employer, this is a good place to start digging.

National Registry

No dice, thanks.

 

[Evil ... Thy name is Orville Redenbacher!!]

Was it direct deposited from your employer to your IRA? Call the payroll department or check you old tax statements.

 

[SpeedTchr]

Call the IRS service line (1-800-829-1040) and request all your tax info that they have. There should be some record of who was reporting income for you in there.

 

[The Big Ragu]

If it is an IRA, it has nothing to do with an employer -- unless you had rolled over the funds from a 401(k), and even there, I don't see how you can roll it into a Roth IRA (It would be a regular IRA).

The problem with calling the IRS is that whoever has that money isn't reporting anything to the IRS unless you make a withdrawal. ... IRA money isn't taxable. And since it is a Roth IRA, you didn't take a tax deduction from the contribution (in return for being able to withdraw tax free later), so it probably isn't going to show up on any old tax returns you have.

Do you have other accounts with say a Vanguard or a Fidelity or an Ameritrade or a Schwab? If so, you can try a few of the big brokerages and mutual fund companies that ring a bell to you, or where you have other accounts. Also, maybe see if you can find old bank statements, or request them from your bank? ... You might see a contribution payable to a financial institution, which will lead you to the account.

 

[Vombatus]

If during your search, you find any of that Nigerian's $10 million that he wants to give away, please let us know.

 

[SpeedTchr]

The problem with calling the IRS is that whoever has that money isn't reporting anything to the IRS unless you make a withdrawal. ... IRA money isn't taxable. And since it is a Roth IRA, you didn't take a tax deduction from the contribution (in return for being able to withdraw tax free later), so it probably isn't going to show up on any old tax returns you have.

I could be very wrong, but aren't custodians required to report any contributions to the IRS on a yearly basis (Form 5498 maybe)?

 

[The Big Ragu]

I could be very wrong, but aren't custodians required to report any contributions to the IRS on a yearly basis (Form 5498 maybe)?

Maybe. I don't know for sure what the IRS requires. I just know that Roth contributions aren't tax deductible.

The only reason I can see the IRS requiring custodians to report contributions (other than the IRS trying to control everyone by putting requirements on their financial lives), is that without that reporting, I am not sure what would stop someone from exceeding the contribution limits. So you are probably right, and I was likely wrong. Thinking about it. ... what would stop someone from opening Roth IRAs at 30 different financial institutions? You wouldn't get an immediate tax benefit, but you would get a huge benefit at 59 1/2 when you are eligible to make tax-free withdrawals from all of those accounts.

 

[User 11148]

I could be very wrong, but aren't custodians required to report any contributions to the IRS on a yearly basis (Form 5498 maybe)?

You're not wrong ... and 5498 is the form.