With Tax day upon us I thought this would be a great reminder.
Tax Returns- 7 years- Keep tax returns and all supporting tax docs. including W-2s, 1099 forms, property tax info, bank statements, mortgage interest statements, cancelled checks, receipts, home purchase, home improvement info.
Paycheck Stubs 1 year- Shred after confirming info matches 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.
Insurances- Home 5 years, 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,Health/Immunization, Lawsuits, Marriage/Divorce Decree, Pension Plan Docs.Veteran Papers.
If it is time to get rid of some of those old docs look for a shredding event near you. Here is one sponsored from BECU this Saturday.