Tax Returns - How Long Do you Keep?

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cfs
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Re: Tax Returns - How Long Do you Keep?

Post by cfs » Fri Nov 24, 2017 1:07 pm

abuss368 wrote:
Thu Nov 23, 2017 10:47 am
This has been a very good and informative thread with lots of good information.
Concur with AB, and I have the scanning of present and past tax documents in my to-do listing [have most of them in pdf but not all of them]. Good luck. Merry Christmas. Thanks for reading.
~ DONATING MEMBER ~

kaneohe
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Re: Tax Returns - How Long Do you Keep?

Post by kaneohe » Fri Nov 24, 2017 3:14 pm

abuss368 wrote:
Fri Nov 24, 2017 1:05 pm
ccieemeritus wrote:
Fri Nov 24, 2017 3:22 am
My goal is to keep my papers down to one file cabinet. It’s getting tight so time to cull it.
That was one of my motivations for starting the thread. I simply am struggling to see the need for multiple years of tax returns. Everything is filed with the IRS and beyond in most (if not all cases) 6 years, there is no need.
How about those who keep HSAs for decades and don't reimburse themselves until later. When you do start withdrawals, among other things you need to demonstrate that you have not previously deducted those expenses . How do you prove that w/o your tax returns?

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TD2626
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Re: Tax Returns - How Long Do you Keep?

Post by TD2626 » Fri Nov 24, 2017 3:33 pm

Generally keep most paper documentation for a long time, if not forever. I need to develop better record retention guidelines though. Gut feeling of "eh.. this is getting old, I'll throw it out" shouldn't be how to operate.

kaneohe
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Re: Tax Returns - How Long Do you Keep?

Post by kaneohe » Fri Nov 24, 2017 8:46 pm

Another oddball example..........in 1982-86, Fed allowed 2K TIRA contributions/deductions. CA did not allow the deductions if covered by qualified retirement plan. That means that the first 10K of TIRA withdrawals are not taxed by CA if you can demonstrate w/ 1982-86 Fed tax returns that you took the 2K/yr deduction (and perhaps also the same yr CA returns showing that you did not take the deductions).

darrvao777
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Re: Tax Returns - How Long Do you Keep?

Post by darrvao777 » Fri Nov 24, 2017 11:21 pm

I use turbotax so they archive a copy and I download the PDF and keep a copy on my cloud accounts

plan on keeping indefinitely for record keeping purposes

jimishooch
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Re: Tax Returns - How Long Do you Keep?

Post by jimishooch » Sat Nov 25, 2017 12:33 pm

hard copies and PDFs from 2000,

glad i did, in the middle of putting the basis together for IRAs started in 1998...

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yangtui
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Re: Tax Returns - How Long Do you Keep?

Post by yangtui » Sat Nov 25, 2017 12:37 pm

Forever. Everything is digital and encrypted.

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