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Lost documentation for historical IRA basis

💸 moneysocial problemSingle report ●●●●● severity 3/5

A long-time tax software user is unable to verify the Traditional IRA basis amount carried forward in their tax filings because they lack the original Form 5498 documents from years prior to 2019 and their bank does not provide statements that far back.

Who's affected: A tax filer who has used automated tax software for many years and did not retain historical tax supporting documents.

⚠️ Single report. This is one person's account. We mark it so until more voices confirm it.

What people do today

🔧 Fix this

Ideas a builder, maker or community group could start on:

  1. A secure digital vault service that automatically imports and archives tax-related forms like 5498 and 1099 from financial institutions annually.
  2. A tax software feature that generates a 'Basis Tracker' dashboard, prompting users to upload and verify supporting documents for carry-over values.
  3. A standardized IRS portal service allowing taxpayers to download a consolidated history of all previously filed Form 8606 basis amounts.
I want to build this

Real voices

“I could not find the supporting docs (Form 5498) to prove my IRA basis. My bank holds monthly statements dating back to 2019 only.”

Source: Stack Exchange (money) · CC BY-SA 4.0, user-contributed content from Stack Exchange; summarized and modified

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