How long do i keep tax forms

how long do i keep tax forms

How long do you need to keep tax forms?

How long do you need to keep tax forms?

The standard advice is that you should keep your tax records for as long as the statute of limitations for an audit. That is, you should keep any tax record until six years after you file the last return which depends on that record. However, it's probably worth keeping at least the forms forever, not just six years, because you may not know when your state taxes depend on those records in a state you did not live in at the time.

Cherokee8215 wrote: Given the very small amount of storage space they take up, I'd keep them forever just to be safe.

I agree.

Last month I finished a three-year journey" with the IRS concerning my (disabled) adult son's withdrawal of a Roth IRA due to

total disability.

They were questioning the 2005 tax return. He received the IRS notice in 2007. After much work (involving our local federal representative's office), we finally got it straightened out.

The IRS needed to see proof of when the Roth was initially established since any gains (regardless of his disability) would have been taxable if it was under the five-year holding period. My son did not have the forms from 1998 (over ten years ago) when the conversion was made. The IRS did not have the records either. It took a lot of work by VG on their off-line archival system to recreate the records to prove that the transactions were actually done to satisfy the IRS laws.

As for me/my wife? I have them all the way back to 1969 (when we were first married).

Sometimes regardless of established/published rules, things come up.


Category: Taxes

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