With tax season in full gear, you may have questions about what you have to keep and for how long. As always, consult your tax preparer, but here is a partial list to help get you started:
Tax Returns ~~ 7 years
Keep tax returns and all supporting tax documents including (but not limited to) W2's, 1099 forms, property tax information, bank statements, mortgage interest statements, cancelled checks, receipts, home purchase, home improvement information.
Paycheck Stubs ~~ 1 year
Shred after confirming that the information matches your W2.
Home Ownership
Mortgage documents ~~ 10 years after the property has sold
Mortgage statements ~~ 7 years after the property has sold
Repair bills and contracts ~~ 10 years
Insurances
Home ~~ 5 years
Life ~~ life of policy + 3 years
Medical ~~ 5 years
Investment/Retirement Accounts
IRA Contributions ~~ Permanently
401K annual summaries ~~ keep until you close the account
Investment statements ~~ 7 years after last account is sold
Permanently ~~ Never Shred
Adoption / Guardianship Paper
Birth Certificates (even your parents)
Citizenship / Naturalization Papers
Health / Immunization Records
Lawsuits
Marriage Certificates / Divorce Decree
Pension Plan Documents
Veteran Papers
