What financial records do I need to save-and for how long?

Utility Bills, Deposit, and Withdrawal Slips – 1 Month

Once you verify your payment has been processed, or reviewed your monthly financial statement, you no longer need to hold these items. (NOTE: If you are self-employed, you may want to keep copies of these records with your Supporting Tax Documentation.)

Monthly Statements, Pay Stubs – 1 Year

Hold on to your monthly financial statements, credit card statements, and pay stubs throughout the year to help verify your end of year totals.

Supporting Tax Documentation – 3 to 7 Years

For most people, the IRS may request your supporting documentation (this includes W-2s, 1099s, annual financial statements, tuition payments, and charitable donations) up to seven years after you file your return.

Tax Returns/Major Financial Records – Forever

It is a good idea to keep a permanent electronic or hard copy of all of your tax returns as well as any major financial transactions such as legal filings and inheritances.

Note: These are general guidelines, and not meant to be definitive advice for all situations. Check with your personal financial planner or a tax professional before discarding any records.

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