What Paperwork Needs to Be Saved and for How Long?
Knowing That, a Good Rule of Thumb Is to Save Any Document That Verifies Information on Your Tax Return—Including Forms W–2 and 1099, Bank and Brokerage...
Knowing that, a good rule of thumb is to save any document that verifies information on your tax return—including Forms W–2 and 1099, bank and brokerage statements, tuition payments and charitable donation receipts—for three to seven years.
What papers should I keep and for how long?
To be on the safe side, McBride says to keep all tax records for at least seven years. Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.
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How long should paperwork be kept?
Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
Marcus Vance is a cybersecurity auditor and technology writer dedicated to educating the public about online safety, data privacy regulations, enterprise security, and emerging cyber threats.
