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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: HopetoFIRE on September 21, 2014, 03:37:53 PM

Title: Investment recordkeeping... what do I need to keep track of?
Post by: HopetoFIRE on September 21, 2014, 03:37:53 PM
I feel like I have been naive about this whole investment deal.  We have just been putting money into our 401k, SEP IRA, Roth IRA and then non deductible IRA.  Now we have started our taxable account.  Never really put thought into what record keeping needs to be done between all different accounts.  Well, we started with a financial advisor last year and all the accounts got combined into either Roth IRA or traditional IRA.  Well, the traditional part is a mix of previous 401k and our nondeductible IRA, so pretax and post tax.  So, I asked the FA who is keeping track of what is pre tax and what is post tax.  He said our CPA is supposed to be keeping track of all nondeductible contributions :O  Well, DH has been doing our taxes until the past couple years (he's a CPA but does not specialize in taxes, so no he has not kept track) and our CPA certainly has not been keeping track.  Now what?  How can our CPA possibly know which part of the earnings belong to the nondeductible IRA vs regular IRA.  How do we know when it is time to withdraw?

Also, are there records we should be keeping with our taxable account?  Amount purchased, price at purchase, etc?  When you sell in the future, how do you know which part to withdraw to avoid short term capital gains tax?  Sorry if this is very simple, but it's very confusing to me right now.