Tax forms

[over9five]

How long do y'all keep copies of your tax returns?
Is there a rule? ("Keep them x amount of years!")
I looked on the IRS website, and can't find an answer.

 

[OldUPSDriver]

I always keep them 7 years as an individual but I have heard that if you have a business it would be 10 years. JMO

 

[moreluck]

We just shredded everything older than 7 years. However, if you are audited for a return 7 years ago, the IRS can start there and go back even more.

7 is the suggested # of years to keep.

 

[over9five]

Do you guys keep just the return, or EVERYTHING?

I keep everything (pay stubs, bank statements, mortgage statements etc), but it starts to take up a lot of space. I keep 10 years worth now, but I think I'll shred back to 7 like you.

Guess you know what I've been doing today...

 

[OldUPSDriver]

Just the return unless you have an unusual deduction. The IRS has all the other information from your employer, banks, etc.