Tax Info Retention: How Long Do We Need to Keep Records?

[MissChef]

I have been doing PC for almost 9 years! How many years do we have to hold onto our tax info, you know when we file our taxes, how long to we need to hold on to all the paperwork that goes with it! Is it 5 years? I don't remember. The numbers 3,5,&7 come into my mind!

And don't we have to hold on to pay stubs (for my husband) for 3 years?

TIA

 

[daniellemorgan]

Hold on to past tax returns for 7 years. I'm not sure about pay stubs.

 

[MissChef]

Thanks Danielle!
In my opinion 7 years is ridiculous! 5 years would be better! Oh well!
Thanks again!

 

[redsoxgirl]

I think as long as you have your W2, you don't need pay stubs.

 

[Brandi2007]

I don't know about the actual paperwork but I was told by my accountant Wednesday to hold onto my reciepts for 3 years...

 

[daniellemorgan]

Thanks Danielle!
In my opinion 7 years is ridiculous! 5 years would be better! Oh well!
Thanks again!

I think it's ridiculous that with today's technology we have to hold on to it at all.

 

[JAE]

I was thinking 7 years for anything that would need to be shown in an audit, should that happen. Hopefully it won't.

 

[RebelChef]

The IRS can only audit 3 years from the date the return was due. There's no need to hold onto paperwork longer.