© 2017 NY TAX STRATEGIES 

Tax Strategies, Inc.

HOW LONG DO I NEED TO KEEP MY RECORDS?

November 2, 2017

 

HOW LONG DO I NEED TO KEEP MY RECORDS?

 

You should keep ALL of your Tax Returns, W-2, and IRA information documents until 3 years after you are dead.

 

You may need your W-2 for Social Security benefits.

 

They may make mistakes in your records. You can correct them only if you possess the actual documentation.

 

You may need information to support the partially tax free status or fully tax free status of your Roth IRA withdrawals.

 

You should keep documentation regarding the original cost and dividend reinvestments of stocks and mutual funds.

 

You should keep documentation regarding the original cost and improvements to your house.

 

The actual checks, receipts, and credit/debit statements to support claimed deductions can be discarded -7- years after the return is filed.

 

 

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