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How Long to Keep Your Documents

By: Inter Valley Health Plan






Tax Documents – Keep tax returns, as well as supporting documents like W-2 forms, receipts, and real estate closing statements for seven years. The IRS may audit you within three years if it suspects good-faith errors; six years if it believes you underreported your income by at least 25%; and unlimited time if you did not file a return or filed a fraudulent one.

Investment Records – Keep as long as you own the securities, plus another seven years. You’ll need them to prove capital gains and losses.

Bank Statements – One month. You just need these long enough to check the accuracy of the transactions. Unless the statement is your only record for a tax-related transaction, there’s no need to keep them longer. Plus, your bank will have them available online.

Retirement Plan Statements – Most, one year, for tax purposes. Keep Roth IRA statements until you retire to prove you already paid tax on your contributions.

Credit Card Statements – Shred immediately after checking the accuracy of the transactions. These documents are a prime source for identity theft. Unless the statement is your only record for a tax-related transaction, there’s no need to keep them longer. Plus, your issuer will have them available online.

Paychecks – One year, until you receive your W-2.

Bills – One year, for tax purposes.

W-2 Forms – Until you begin claiming Social Security. They’re the best estimate of your earnings and entitlements.

Article From Inter Valley Health Plan

 





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