What Do I Keep For Taxes Again?

With tax season in full gear, you may have questions about what you have to keep and for how long? Here’s a list to get you started!

Tax Returns    7 years
Keep tax returns and all supporting tax documents including W-2s, 1099 forms, property tax info, bank statements, mortgage interest statements, cancelled checks, receipts, home purchase, home improvement information.

Paycheck Stubs    1 year
Shred after confirming info matches your W-2

Home Ownership
Mortgage docs     10 years
After property has sold     7 years
Mortgage statements     7 years
After property has sold    10 years
Repair bills/contracts 10 years

Home        5 years
Life        Life of policy + 3 years
Medical    5 years
Investment/Retirement Accounts
IRA contributions    permanently
401K annual summaries- Keep until you close the account
Investment statements    7 years
After last account is sold

Permanently- Never Shred
Adoption/Guardianship Papers
Birth Certificates
Citizen/Naturalization Papers
Health/Immunization Records
Marriage Certificates/Divorce Decree
Pension Plan Documents
Veteran Papers

Wow! That’s a long list but a good one to keep around for a reminder.

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