How to manage old accounts? What to delete and how?

mikek753b · October 8

Hello,

I've accumulated above140 accounts over past 15+ years.

My current active accounts under 30 accounts, with about 15 connected for online updates.

Some old accounts are:

a few 401k for former employer, sure funds were transferred to current active 401k account

old Credit Cards, closed accounts

matured CD

old Flex Spending , FSA for former employer

old closed brokerage, investment accounts. Funds were transferred to another and eventually to current active brokerage account

I truncated my data file a few times in the past that lead me to none existing account issues for many transactions. So I'm afraid to really delete old account for this reason.

How to manage those old closed accounts?

tnx

NotACPA · October 8

Don't delete anything. Just close the account IF it's closed in real life, and then HIDE it.

BUT, if you closed it this year, and you need info in it for your current year tax return, don't Hide it yet.

Also note that Closing an account can't be undone … so if it's not closed in real life, don't close it in Q.

mikek753b · October 8

Thank you for the reply.

Yes, I have all those old accounts as Closed and Hide.

Its just so many of those are accumulated over so many years.
I got such high number when I addressed Mobile Sync related issue, that showed me 124 accounts as total.

No, I don't use Mobile Sync, its disabled.

How to manage old accounts? What to delete and how?

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