How Can it Be I Still Have So Many “Things” I Don’t Want. Anyone Else?

[PigsDad]

Funny you are talking about tax returns, as I am in the middle of cleaning out a bunch of old file cabinets and records. Since 2016, all of my tax records have been scanned so I am in the process of shredding all of my tax records. Every important record is now online / available in electronic form (bank, health / doctor, utilities, taxes, etc.) so I think I have eliminated 99% of the paper records that I used to keep. Now I can get rid of a couple file cabinets as well!

Kurt

 

[AnnaS]

So has anyone ever had to produce their old tax returns? I have a drawer and a bankers box. Once I can’t fit anything else in the drawer, those files move to the box and I dump what’s in the box, so maybe 12-15 years on hand. I’ve always only kept seven years of business records, per our accountant’s instructions. In December my last boxes since retiring in 2018 get dumped. I THINK we finally jettisoned Cliff’s divorce papers from 40 years ago when we moved to the OFH. Even then I had to use the argument that she had died a year or two before. I love dumping paperwork! Cliff still has report cards from first grade.

Not here but once over the years had to send an additional few dollars, accountant left one item/income out.

 

[Brett]

So has anyone ever had to produce their old tax returns? I have a drawer and a bankers box. Once I can’t fit anything else in the drawer, those files move to the box and I dump what’s in the box, so maybe 12-15 years on hand. I’ve always only kept seven years of business records, per our accountant’s instructions. In December my last boxes since retiring in 2018 get dumped. I THINK we finally jettisoned Cliff’s divorce papers from 40 years ago when we moved to the OFH. Even then I had to use the argument that she had died a year or two before. I love dumping paperwork! Cliff still has report cards from first grade.

Saving seven years past tax records makes sense if you own a business but I only keep past returns for several years and they are all digital.
I've never actually had to produce old returns except to get Turbotax started on a new computer

 

[WinniWoman]

I still like paper copies. I keep 7 years and then I shred the supporting documents (with a few exceptions) but I keep the tax returns themselves forever.

I didn’t always do this. I use to get rid of everything after 3 years. But I kept reading conflicting opinions so this is what I do now.

I do have some of the digital copies since I do my returns on line, but I’m very bad at backing up my computer.

I’ve never had to produce past returns ( like for an audit), but I have had to have returns amended so good to have them.