Individual Record Retention Schedule

Individual Record Retention Schedule

Good recordkeeping can cut   your taxes and make your financial life easier. How long to keep records is a   combination of judgment and state and federal statutes of limitations. Since   federal tax returns can generally be audited for up to three years after   filing and up to six years if the IRS suspects underreported income, it’s   wise to keep tax records at least seven years after a return is filed.   Requirements for records kept electronically are the same as for paper   records. Generally, follow these recommended retention periods for various   documents

RECORDS

RETENTION PERIOD (In Years)

Tax returns (uncomplicated)

7

Tax returns (all others)

Permanent

W-2s

7

1099s

7

Cancelled checks supporting   tax deductions

7

Bank deposit slips

7

Bank statements

7
Charitable contribution   documentation

7

Credit card statements

7
Receipts, diaries, logs   pertaining to tax return

7

Investment purchase and sales   slips

Ownership period + 7
Dividend reinvestment records

Ownership period + 7

Year-end brokerage statements

Ownership period + 7
Mutual fund annual statements

Ownership period + 7

Investment property purchase   documents

Ownership period + 7

Home purchase documents

Ownership period + 7

Home repair receipts and   cancelled checks

Warranty period for item

Retirement plan annual   reports

Permanent

IRA annual reports

Permanent

IRA nondeductible   contributions (Form 8606)

Permanent

Insurance policies

Life of policy + 3 (check   with your agent. Liability for prior years can vary)
Divorce documents

Permanent

Loans

Term of loan + 7

Estate planning documents

Permanent

 

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