Record Retention For Individuals Good recordkeeping can make your financial life easier, and cuts down on the effort required to file your taxes. The required time period for keeping records is a combination of judgement along with state and federal statutes of limitations. Since federal tax returns can generally be audited for up to three years after filing, and up to six years if the IRS suspects under-reported income, it is best to keep tax records for at least seven years after they have been filed. Requirements for records kept electronically are the same as those for paper records. Please call us for assistance with your taxes at (407) 228-0560. You may also email us at consultants@lfharris.com. The following retention periods are recommended for the listed documents. Record Retention Period Tax Returns (uncomplicated) Seven Years Tax Returns (All others) Permanent W-2s Seven Years 1099s Seven Years Cancelled Checks Supporting Tax Deductions Seven Years Bank Deposit Slips Seven years Bank Statements Seven Years Charitable Contribution Documentation Seven Years Credit Card Statements Seven Years Receipts, Diaries, Logs pertaining to tax return Seven Years Investment Purchase and Sales Slips Ownership Period +Seven Years Dividend Reinvestment Records Ownership Period +Seven Years Year-end brokerage statements Ownership Period +Seven Years Mutual Fund annual statements Ownership Period +Seven Years Investment Property Purchase Documents Ownership Period +Seven Years Home Purchase Documents Ownership Period +Seven Years Home Improvement Receipts and Cancelled Checks Ownership Period +Seven Years Home Repair Receipts and Cancelled Checks Ownership Period +Seven Years Retirement Plan and Annual Reports Permanent IRA Annual Reports Permanent IRA nondeductible contributions Form 8606 Permanent Divorce Documents Permanent Insurance Policies Life of Policy + 3 years.* Loans Term of Loan + Seven Years Estate Planning Documents Permanent * Check with your agent. Liability for prior years can vary.

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