How long to keep: Three years. Receipts for anything you might itemize on your tax return should be kept for three years with your tax records. Try storing them in a file folder broken out based on spending categories.
KEEP 3 TO 7 YEARS
Knowing that, a good rule of thumb is to save any document that verifies information on your tax return—including Forms W-2 and 1099, bank and brokerage statements, tuition payments and charitable donation receipts—for three to seven years.
To be on the safe side, McBride says to keep all tax records for at least seven years. Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.
Banks are required by federal law to keep most records on file for at least five years, and many keep members' account statements available for up to seven.
While household bills and bank statements should be kept for at least two years, and insurance documents as long as they are valid.
Home, auto and umbrella policies - Keep until you get your new policy. For auto insurance, most states accept electronic versions of your insurance card, but it may also be smart to keep a printed version in your glove compartment.
In general, 401k plan records must be kept for a period of not less than six years after the filing date of the IRS Form 5500 created from those records.
As a general rule, there is a ten year statute of limitations on IRS collections. This means that the IRS can attempt to collect your unpaid taxes for up to ten years from the date they were assessed. Subject to some important exceptions, once the ten years are up, the IRS has to stop its collection efforts.
Credit card statements and utility bills are documents that should be high on anyone's list for shredding. Bills of that nature tend to have very sensitive information. So once payment is confirmed and you no longer need to reference that bill, make sure the document is destroyed.
From your actual policy, the declarations page is the most important to be able to find. Statements regarding your payment of insurance are likely only relevant for tax purposes. To be safe, you might want to hold onto them for seven years in the event of a tax audit from the IRS.
Comparing your EOBs to your monthly statements is a good way to understand what you are being charged for, and it gives you another opportunity to look for overcharges. Unlike medical bills, EOBs should be kept from three to eight years after your procedure, or indefinitely if you have a reoccurring condition.
Keep them as long as needed to help with tax preparation or fraud/dispute resolution. And maintain files securely for at least seven years if you've used your statements to support information you've included in your tax return.
Keep canceled checks for one year unless you need them for tax purposes. Refer to them when you reconcile your accounts each month so you know what has cleared. If your bank does not return your canceled checks, you can request a copy for up to five years.
In general, you should keep the deceased's financial documents for at least three years following the death, or three years after you file any necessary estate taxes (whichever is sooner).
NOTE: A payee must save records for at least two years plus the current year and make them available to SSA upon request.
Since Medicare and Social Security records are so important and do not take up much space, it's best to stay on the safe side and hold onto them for at least six years.
Retirement/ savings plan statements, Credit card records and bills are records that should be kept for at least a year. Keep quarterly retirement/ savings statements until you receive your annual summary.
As for insurance, keep your paperwork for as long as you have the policy and keep documentation for any unresolved claims of coverage. For health insurance, keep any records (explanation-of-benefit forms, receipts and invoices) covering treatments that are in progress or that are not completely paid for or resolved.
Bank statements
These can be discarded after one year and shredding means your banking and personal details won't be on show to be copied. Better still, opt for paperless statements. That way you can check them via online banking anytime (and print them out only if you need to).
The P60 is an annual statement that shows all of the money you were paid in the tax year. It also shows the income tax paid and National Insurance contributions made during the same year. HMRC recommends that you keep your payslips and P60s for at least 22 months from the end of the tax year.
How long to keep your records. You must keep your records for at least 5 years after the 31 January submission deadline of the relevant tax year. HM Revenue and Customs ( HMRC ) may check your records to make sure you're paying the right amount of tax.
With the exception of birth certificates, death certificates, marriage certificates and divorce decrees, which you should keep indefinitely, you should keep the other documents for at least three years after a person's death or three years after the filing of any estate tax return, whichever is later.