Turbo Tax to save Tax files

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PinotGris
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Turbo Tax to save Tax files

Post by PinotGris »

We have been filing taxes with TurboTax for 9 years. It allows you save it as a TT file and also generates a PDF file. I save them all in my computer and also in a flash drive. I have not done anything with Dropbox or anything like that. I have 6 years of tax files I have been asked to make a decision with. What can I comfortable shred?
If you use Turbo Tax do you also save all the paper forms and copies?
If yes do you save everything?
Save only selected stuff, and what are they?
Save nothing other than what has already been saved in the PC. Do you feel safe with that?
Thank you.
aristotelian
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Re: Turbo Tax to save Tax files

Post by aristotelian »

Saving the file is a good idea in case you need to carry over prior year info such as tax losses etc. I just keep everything, paper, PDF, and TT file.
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lthenderson
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Re: Turbo Tax to save Tax files

Post by lthenderson »

I keep the TT file, a hardcopy of all the filed forms and supporting documentation for three years. After three years (or when I'm preparing to upgrade my computer), I delete the TT file just keep the filed tax form hardcopy and supporting documentation for another four years. After seven years, everything is shredded or deleted.
TravelGeek
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Re: Turbo Tax to save Tax files

Post by TravelGeek »

I keep the TT file because next year it will be used to start the new return.

I keep the PDF of the final return because it will reflect what I filed. The TT file itself may not be accessible at some point in the future after I upgrade the computer and can’t or won’t reinstall the old versions of TT.

I keep paper supporting documents (and scanned copies of them together with the PDF). At some point I will go through my old records and discard (shred) the paper after verifying that I have a digital copy.
mega317
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Re: Turbo Tax to save Tax files

Post by mega317 »

I have electronic copies on a physical hard drive, a flash drive, and dropbox. The files are small and I estimate with Dropbox's 2.25GB free storage, if I keep everything I'll run out of space in about 3000 years. Of course then I have another 32,000 years in Google drive and box.com. (I'm assuming file size inflation will match free storage inflation but over millennia that could be a very bad assumption.) I guess if I need to search it will be a problem in 10,000 years when my search for, say 2018 will also bring up the 12018 documents.

I don't see a need to keep anything in paper and the only paper I really have is like, a 1099 I get for royalties, and the bank is still mailing us our 1098 for some reason. But that's also available electronically.
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PaunchyPirate
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Re: Turbo Tax to save Tax files

Post by PaunchyPirate »

I keep the TurboTax file and the PDF of the returns and related forms. I also print a copy of the PDF and keep it in my file for the year. In that file, I also keep all of the year's paper forms that banks, brokerages, etc. send me or I download from their website. All goes in one folder that goes in a file box in the closet. All of my computer files are also backed up automatically to a cloud backup (I use Backblaze).
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FiveK
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Re: Turbo Tax to save Tax files

Post by FiveK »

TravelGeek wrote: Tue Jun 02, 2020 3:42 pm I keep the TT file because next year it will be used to start the new return.
Keeping at least 3 years plus current TT file can also facilitate amended returns if needed/desired.
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SmileyFace
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Re: Turbo Tax to save Tax files

Post by SmileyFace »

I keep all TT files (need latest file for next year, and if you ever need to amend) and also keep all PDF exports (in case I want to go back and look at something from years past). They take up so little space why not keep them all. No need to print - waste of paper - can access PDF files or print them when/if I ever have a need to provide to someone.
Also I download and save input data - PDFs of 1099s, W2s, etc. In folders by year.
michaelingp
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Re: Turbo Tax to save Tax files

Post by michaelingp »

I scan any paper documents and shred them after filing. I keep all the electronic copies (all the PDF's and the Turbotax data file) essentially forever. I keep the TurboTax apps for just a few years. Everything electronic is backed up both locally and to the cloud.
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Gray
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Re: Turbo Tax to save Tax files

Post by Gray »

I recommend the Microsoft OneDrive Personal Vault if you are using the Microsoft Authenticator. There are other more secure services, but this is a good option.
Gryphon
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Re: Turbo Tax to save Tax files

Post by Gryphon »

The last 10 years or so, I've been keeping everything in electronic form only. Most tax related forms I receive electronically to begin with, and the few that are on paper I mostly scan & then toss the paper. The only paper forms I keep are the personal property tax receipts for my vehicles because I know I'll need to show those at the DMV to renew the vehicles' registration. But I only keep those for a couple of years, after which they've served their purpose & I can toss them too. I keep the PDF tax returns generated by TurboTax as well as the original TurboTax file.

I used to have paper copies of my old tax files going back to the early 80's, but I recently went through & digitized those as well (that's one less box of stuff in my office). For those, I scanned the actual tax returns, any W-2s, any property tax receipts, and any 5498s. All the other supporting documentation I just tossed without even scanning.

Hypothetically as time goes on I could thin out the more recent electronic files in a similar fashion, but I probably won't bother. They don't take up much disk space, and disk space just keeps getting cheaper.

All the electronic files are on my computer, on a backup drive at home, and on another backup drive in my safe deposit box. My internet connection speed isn't good enough to keep up with online backups (I've tried it a couple times, with poor results), otherwise I might have that as well.
supalong52
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Re: Turbo Tax to save Tax files

Post by supalong52 »

Gray wrote: Tue Jun 02, 2020 9:57 pm I recommend the Microsoft OneDrive Personal Vault if you are using the Microsoft Authenticator. There are other more secure services, but this is a good option.
Thanks for the heads up about the Personal Vault. Can you name some of the alternatives? We use Google Drive but it doesn't seem that secure from a user perspective.
Grasshopper
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Re: Turbo Tax to save Tax files

Post by Grasshopper »

I save a pdf copy and a file copy. As a heads up if you order from Amazon they keep copy of the software for use years later. I needed the program from 2015 and I was able to download in 2020.
Topic Author
PinotGris
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Re: Turbo Tax to save Tax files

Post by PinotGris »

michaelingp wrote: Tue Jun 02, 2020 5:41 pm I scan any paper documents and shred them after filing. I keep all the electronic copies (all the PDF's and the Turbotax data file) essentially forever. I keep the TurboTax apps for just a few years. Everything electronic is backed up both locally and to the cloud.
When you say cloud do you mean Dropbox kind of thing? What app do you use?
Katietsu
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Re: Turbo Tax to save Tax files

Post by Katietsu »

I keep a copy of my tax return on paper forever even though I know it is probably unnecessary. However, I get rid of most of the supporting documents after 4 years.
BigJohn
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Re: Turbo Tax to save Tax files

Post by BigJohn »

I keep the TT file and the pdf indefinitely. Paper copies and backup documentation like receipts I keep for 7 years and then shred.
MikeG62
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Re: Turbo Tax to save Tax files

Post by MikeG62 »

DaftInvestor wrote: Tue Jun 02, 2020 5:00 pm I keep all TT files (need latest file for next year, and if you ever need to amend) and also keep all PDF exports (in case I want to go back and look at something from years past). They take up so little space why not keep them all. No need to print - waste of paper - can access PDF files or print them when/if I ever have a need to provide to someone.
Also I download and save input data - PDFs of 1099s, W2s, etc. In folders by year.
Same for me.
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michaelingp
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Re: Turbo Tax to save Tax files

Post by michaelingp »

PinotGris wrote: Wed Jun 03, 2020 3:30 pm
michaelingp wrote: Tue Jun 02, 2020 5:41 pm I scan any paper documents and shred them after filing. I keep all the electronic copies (all the PDF's and the Turbotax data file) essentially forever. I keep the TurboTax apps for just a few years. Everything electronic is backed up both locally and to the cloud.
When you say cloud do you mean Dropbox kind of thing? What app do you use?
Backblaze. What I use is pretty much pure backup, with no file sharing or synchronization features. The cost is just insurance, since I'm pretty sure I'll never need it. It only protects against a disaster like my house burning completely to the ground, which I consider very low probability, but not zero.
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