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How long do you have to retain copies of your tax returns?

What is the recommended time frame to maintain copies of their personal/family tax returns?  My filing space is getting slim and I have tax returns going back years ago, but am nervous about shredding them in case of audit.  Not that I would expect to be audited, but you know...just in case.

  Topic US Federal Govt. Subtopic Tags Taxes Tax returns
3 Years 1 Answer 1.9k views

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  1. K Grace-Lily 3000 Accepted Answer Community Answer

    The IRS has very specific policies on how long to save tax returns that you can read on their site in detail. The simple answer is 7 years. That's the maximum you'd need to save your returns for. In most cases you woukdn't need to save them more than 4 years, but just in case, it may be good advice to go the distance for the 7 year that's easy to remember rather than try to remember the criteria specifics. Read the guide and see what fits for you.

     

     https://www.irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records

    Period of Limitations that apply to income tax returns

    Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.
    Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
    Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
    Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.
    Keep records indefinitely if you do not file a return.
    Keep records indefinitely if you file a fraudulent return.
    Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

    UTC 2021-01-17 07:21 AM 0 Comments

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