Comments on: How Long Do We Really Need to Keep Those Papers?

By: How long do I have to keep this stuff? at Beyond Paycheck to Paycheck

How long do I have to keep this stuff? at Beyond Paycheck to Paycheck — Tue, 27 Jan 2009 14:15:44 +0000

[...] point. My favorite article is How Long Do We Really Need to Keep Those Papers? by My Dollar Plan. It’s a good and concise list of what you need to keep, for how long, and [...]

By: fathersez

fathersez — Sun, 25 Jan 2009 05:05:45 +0000

You have classified the documents well. I follow your classification quite closely. On the 7 years and ownership + 7 years things, I try to keep the reference numbers. I presume (have yet to be tested) that the companies should have the records and better storage facilities.

Regards

By: Camping and the Primetime QuickHits | Prime Time Money

Camping and the Primetime QuickHits | Prime Time Money — Sat, 24 Jan 2009 19:02:19 +0000

[...] Lastly, My Dollar Plan has a great article on How Long to Keep Your Financial Papers. [...]

By: Friday Finance Findings for January 23rd : Generation X Finance

Friday Finance Findings for January 23rd : Generation X Finance — Fri, 23 Jan 2009 15:38:56 +0000

[...] How Long Do We Really Need to Keep Those Papers? – Our lives are filled with paper. From bank statements to marriage licenses, we have a lot of papers with important information on them. But just how long do you need to keep those papers? Are some safe to throw out immediately, or should you hang on to them for a few years? [...]

By: Bill

Bill — Fri, 23 Jan 2009 13:39:21 +0000

What Phil said.

If the audit notice specifies items on your 2007 return, it will then state at the bottom something to the effect of “please bring 2005 & 2006 returns as well” – essentially any return still in the 3 year limit.

EVERY audit book I’ve read tells you to “forget” to bring returns for prior years when they do not have items specifically under audit.

Those books note the auditor does not have easy access to returns not specifically under audit – so don’t make it easy for them to go on a “fishing expedition”

BTW, it is rare to go beyond the 3 year limit since that requires underreporting income more than 25% – that’s a difficult burden of proof for the IRS to meet.

By: Weekly Roundup - Is It Tax Time Already? | Frugal Dad

Weekly Roundup - Is It Tax Time Already? | Frugal Dad — Fri, 23 Jan 2009 11:03:27 +0000

[...] How Long Do We Really Need to Keep Those Papers? While we are on the subject of taxes and financial organization, this article provides some guidelines on how long to retain paperwork. [...]

By: Historical Stock Market Closings on Presidential Inauguration Days

Historical Stock Market Closings on Presidential Inauguration Days — Wed, 21 Jan 2009 23:32:36 +0000

[...] My Dollar Plan: How Long Do We Really Need To Keep Those Papers? [...]

By: Stock Market Indexes Drop On Obama’s Inauguration Day

Stock Market Indexes Drop On Obama’s Inauguration Day — Wed, 21 Jan 2009 23:00:21 +0000

[...] My Dollar Plan: How Long Do We Really Need To Keep Those Papers? [...]

By: Phil

Phil — Tue, 20 Jan 2009 15:31:09 +0000

While my comment is slightly off topic, since it is tax time the length of time to save tax records caught my eye. I was reminded of some advice I got not too long ago from my tax guy:

If you are ever audited, the audit will be for a specific tax year. During an audit, NEVER hand over tax records to the IRS for any year other than the specific year they are auditing you for (even if you have those records). Example: If you are being audited for your 2007 return, and they want to see information on your 2006 return, they are required by law to audit you for 2006 as well. Otherwise, a polite no will do the trick and is your legal right.

By: TStrump

TStrump — Tue, 20 Jan 2009 05:57:26 +0000

I’ve actually gone paperless with most of my bills.
Sadly, credit card companies still have to send a paper copy, which is annoying.
I’m considering scanning all my paper records … just getting tired of the paper.

By: Tim

Tim — Tue, 20 Jan 2009 02:20:02 +0000

there is a difference between retaining actual documents and copies. marriage certificates, titles, birth certificates, etc you need to retain permanently because copies aren’t legal for those. however, having an electronic copy pdf and printing if the original is lost or destroyed helps to get one quicker. the other stuff takes no effort or space or clutter if you scan and save electronically.

By: Sadie

Sadie — Mon, 19 Jan 2009 21:56:50 +0000

Madison, consider the number of “young employees”, who spent just a few years at many of the major companies providing defined benefit plans which promised “vested benefits” and the employees either never recognized or forgot benefits available to them in their old age or if they remembered had difficulty proving their work history.

It took about 4 yrs to obtain vested benefits for hubby; as he was not a long-timer & though minimal rec’d monthly, over 10 yr period certainly adds up. Fortunately I still had
W-2 records from 30+ yrs ago plus an executive who verified his employment.

SAVE THOSE W-2 RECORDS if applicable to you & don’t give up!

By: Madison

Madison — Mon, 19 Jan 2009 21:36:26 +0000

@ Sadie: Thanks for the reminder on the defined benefit plans!

@ Craig: Great link with a lot of details on why things should be kept. They had some good ones on there: loan agreements, adoption records, and deeds. If anyone has these, check out how long they should be kept. Thanks for sharing!

By: Craig

Craig — Mon, 19 Jan 2009 18:23:53 +0000

http://finance.yahoo.com/news/.....84253.html

By: Sadie

Sadie — Mon, 19 Jan 2009 18:04:04 +0000

Though companies offering retirement plans are now in the minority, if one has ever been employed via a company providing a “defined pension plan” & departed prior to taking retirement (even after having worked as little as 5 years), you may need proof of employment, obtainable only via those W-2’s to provide proof of employment. WHY? Records often get lost, sent to storage/warehouse, so no record available on your employment. WHEN CAN YOU COLLECT? Generally @ 59 1/2, 62, 65 – check with Employee/Human Relations dept.