How Long Should You Keep Your Tax Returns?

OneEyedDiva

OneEyedDiva

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Location
New Jersey
This article gives time frames and reasons why you should keep your tax documents for given periods of time. Time frame varies from 3 years to forever (according to circumstances, since the statue of limitations doesn't run out in some instances). It also tells what supporting forms to keep and suggests the best places to store your documents.
I've chosen to store mine in iDrive for the past 6 years. According to the article the IRS does except digital copies as long as they are legible.
https://www.hrblock.com/tax-center/filing/personal-tax-planning/how-long-to-keep-tax-returns/
 

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At least seven years or until the box gets full.

The returns have gotten thinner as I've gotten older.

It's also a good idea for seniors to have the documentation required to complete a Medicaid or financial aid application handy.

In my state, that usually involves five years of financial transaction records.
 
It makes me wonder🤔...how "far back" can the IRS audit?

When the news has stated ...there's "a lot" of back-up that hasn't been processed..
Can't remember the exact amount...but it sounded exorbitant!!?!
Anyone heard about this?
 
Jace said:
It makes me wonder🤔...how "far back" can the IRS audit?

When the news has stated ...there's "a lot" of back-up that hasn't been processed..
Can't remember the exact amount...but it sounded exorbitant!!?!
Anyone heard about this?
Click to expand...
I think the article I linked explains how far back and under what circumstances. I know the IRS was very shorthanded during the pandemic but I don't remember how backed up they were. That's a question for Google.
 
About every 10 years or so I purge my files. When that happens I usually try to save the last 7 years. Right now I think I have more than 10 years worth, a purge may be in order soon.

In 2005 I lost all records in hurricane flooding. Never really missed them... A disaster is a good way to learn what you really want or need.

I have been lucky, never had to have many records, but never had a bad audit. Keeping my fingers crossed.
 
I get my taxes done at the same place for the last 20 years though the original lady I went to moved. So two in 20 years is very stable and I've liked them both. I don't have the info on my personal computer. I do the 7 years. I probably have things I can shred.
 
Jace said:
It makes me wonder🤔...how "far back" can the IRS audit?
Click to expand...


Am a former IRS agent in the Manhattan district. The IRS generally can only go back three years. However if it is pursuing a criminal fraud case against anyone the statute of limitations can go back six years.

Caution: if you have been delinquent, did not file for, say, ten years and suddenly decide to file for a refund or to pay back taxes, you will be extending that period from six to ten years. If anyone is going back to those years I suggest that they get legal and financial counseling before proceeding.
 

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