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A custodian is the caretaker of your tax preferenced account such as an IRA, Roth IRA, or various other retirement plans.

Expanded Definition

The custodian is the firm where you have your account. That can be a bank, a mutual fund company, a broker, an insurance company, or various financial firms. The custodian collects your contributions, issues statements of the account, makes distributions, and files paperwork with the IRS to see that you comply with tax laws.

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