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
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
IRA contributions permanently
401K annual summaries- Keep until you close the account
Investment statements 7 years
After last account is sold
Permanently- Never Shred
Marriage Certificates/Divorce Decree
Pension Plan Documents
Wow! That’s a long list but a good one to keep around for a reminder.