Uncle Sam has some clear rules when it comes to keeping your tax records safe for certain periods of time. In general, the time period for each record is actually based on different situations. That’s why it’s always a good idea to keep your records for as long as possible.
So, are you sure you want to throw away those old tax records? Take into consideration the Internal Revenue Service rules before sprucing up your drawer. Fortunately for you, we’ve highlighted the length of time for each document in this post.
How long do you need to keep your tax records? Let’s find out together!
P.S.: Following a system for record keeping is also an excellent idea. So, pick one that suits your needs to simplify your tax record routine.
2 thoughts on “How Long Do I Need to Keep My Tax Records?”
I ran into a situation where I should have hung onto my pay records from 1988 (over 31 years ago). Reason: applied for social security disability. They claimed the year amount I made was wrong but I couldn’t prove otherwise which made my monthly payments smaller. Since then I came across a paper where I owed taxes for that year and had made payment to IRS each month for that year. So my opinion is the original amount was correct and they should owe me more each month.
I suggest keeping pay info such as w-2’s for life or until a person is on social security or in my case disability.
My husband, who has passed away, kept all of our tax paperwork for 40 years. I am going to moving into a much smaller house and would have to rent a storage facility to keep all that I currently have. So, I plan to deep 10 years worth of my tax filing information.