AmyC
Expert Alumni

Retirement tax questions

Yes, the excess on one account can be rolled into another provided it is not an excess as well. You will need to keep your records, log of call, dates of transfer, etc all together.

 

I want to urge you to create a financial notebook that is kept separate from your tax return. Keep it safe and each year, add your year-end statements from all your financial accounts plus a copy of your W2’s, your  carryover information, and proof of your basis in your various investments. You must keep tax records  from the time you purchase until sold/ loss used plus 3 years. It is very easy to lose track of disallowed losses, carryforwards,  and basis. This can be a digital or paper notebook.

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