Search online for unclaimed funds in your name or that of the person who may have owned an IRA. You need not pay for an online unclaimed-property search. The National Association of Unclaimed Property Administrators maintains a free search facility at MissingMoney.com. Check with state unclaimed-property offices.

Can IRA be lost?

An Individual Retirement Account is a type of tax advantaged account intended to help you save for retirement. IRAs can be held in many different types of investments, and some of these investments might lose value. While it is an unlikely scenario, you could lose the entire balance of your IRA account.

What is an IRA loss?

An IRA may be a source for a tax deduction if you lose money on the investments purchased with the account. The loss is deducted against your income and is not subject to the capital loss deduction limitation of $3,000 per year.

How do I find a lost account?

To search for these assets, go to which you can also reach by typing and clicking on the MissingMoney.com link.

Do you have to pay taxes on IRA gains?

Funds you invest in an IRA are free of capital gains taxes entirely, although distributions are subject to regular income tax rates when you finally access your IRA.

What can cause the loss of an IRA account?

An unexpected death or the onset of a debilitating illness such as Alzheimer’s can lead to the loss of IRA account information. Start your search to find a lost IRA by checking tax returns from previous years.

How can I find out if someone has lost an IRA account?

Contact mutual funds, banks or brokerage funds you find mentioned as you review financial records. They can tell you if there are accounts you aren’t aware of. Search online for unclaimed funds in your name or that of the person who may have owned an IRA.

How can I prevent a total loss IRA?

You can prevent a total-loss IRA scenario such as this by diversifying your account. Either invest in mutual funds that hold stocks or bonds, or invest in many different individual stocks or bonds.

What happens if you set up an IRA and forget about it?

When you set one up during your early working years, you do so expecting your investments (e.g., index funds) to grow on autopilot for decades; it falls into the category of “set it and forget it.” But truly forgetting about an IRA can cost you. Here’s what happens to lost IRAs, and what you need to do to find them.