Taxes: What documents to Keep and For How Long?

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With Tax Season in full swing and all that paper everywhere do you even feel like just throwing it all up, away or into the fire? Boy I know I do but, we have to keep some important docs and I hope this list is a good reminder.

Tax returns- 7 Years– Keep tax returns and all supporting tax docs, including W-2’s, 1099 forms, property tax info, bank statements, mortgage interest statements, cancelled checks, receipts, home purchase and  home improvement info.

Paycheck stubs– 1 Year

thHome Ownership

  1. Mortgage docs 10 years- After property has sold 7 years.
  2. Mortgage statement’s 7 years-  After property has sold 10 years
  3. Repair bills/contracts 10 years

Insurances

  1. Home 5 Years
  2. Life of policy +3 years
  3. Medical 5 years

Investment/Retirement Accounts

  1.  IRA contribution’s permanently
  2. 401K annual summaries-keep until you close the account
  3. Investment statements 7 years after last account is sold.

thCAAFBPQHPermanently Never Shred

  1. Adoption/Guardianship Papers
  2. Birth Certificates
  3. Citizen/Naturalization
  4. Health Immunization
  5. Lawsuits
  6. Marriage/Divorce Decree
  7. Pension Plan Docs
  8. Veteran Papers

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