I have collected my bi-monthly paystubs for the 8 years that I have worked. Needless to say my filing cabinet is in bad need of a clean out/shredder party. Is there any benefit to keeping the paystubs?
2006-11-01 15:16:57 · 13 answers · asked by sukditup 3 in Business & Finance ➔ Personal Finance
"Hold on to your individual pay stubs for the year until you have received the Form W-2 for that year. Reconcile the year-to-date cumulative totals on the last pay stub for the year to the amounts reported on the W-2. If they match you can throw out all but the last pay stub. Keep the final pay stub for the year, with year-end cumulative numbers, with your tax return documentation for that year."
http://www.trimlife.com/newsletter/new/02022006/feature.asp
Clark Howard (you know that guy on the radio) says to keep:
'Last pay stub of a job if you leave that job
Last pay stub of the year for your current job "
He has recommendations for all record keeping which documents to keep, how long, which ones to toss, at:
http://clarkhoward.com/shownotes/category/7/18/209/387/
You've inspired me to clean up my file cabinet too! I'm in the same boat..paystubs going back 10 years..
2006-11-01 15:24:05 · answer #1 · answered by ♪ ♫ ☮ NYbron ☮ ♪ ♫ 6 · 0⤊ 0⤋
Once you have your annual W-2, there is no need to retain the pay stubs for that year. You should keep your W-2's (and tax returns) for ten years. That is the longest of any statute of limitations (SoL) for the IRS to contest your tax returns. Generally, the IRS has three years to assess tax on a tax return, but the SoL becomes six years if you understate gross income by more than 25 percent. An exception to the three/six year statute of limitation is if you filed a fraudulent or false tax returns with the intent to evade taxes.
2016-05-23 10:45:45 · answer #2 · answered by S 3 · 0⤊ 0⤋
Just save the last paystub for each year. It will have that year's total for not only your pay, but also totals for any benefits that you may have contributed to (401k, health insurance, etc.).
2006-11-01 16:09:46 · answer #3 · answered by Jason 3 · 0⤊ 0⤋
For at least 1 year. Once you get your W-2 I would say if everything matches then shred them.
2006-11-01 15:19:58 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Just keep at least 4 years worth. But keep all your tax returns.
2006-11-01 15:19:55 · answer #5 · answered by wolann31 1 · 0⤊ 0⤋
It's been my experience that as soon as you get rid of them, you will need some info from them. I would reccomend that you reduce them on a copier. That way you will still be able to access them and they will hardly take up any space!
2006-11-01 15:20:22 · answer #6 · answered by Kaatp 2 · 0⤊ 0⤋
If you keep your tax information (w-2s and income tax forms and such) for the year applicable, then there is no need for you to keep the pay stubs. Toss 'em.
2006-11-01 15:19:09 · answer #7 · answered by medellia1984 3 · 0⤊ 0⤋
At least a couple of years for tax purposes.
2006-11-01 15:19:23 · answer #8 · answered by G-pops 4 · 0⤊ 0⤋
auto calculate paystubs http://paystubsonline.net/
2015-08-30 05:05:30 · answer #9 · answered by helal 2 · 0⤊ 0⤋
Don't bother...You place of work keeps that information for you...After all, they are the ones writing you a check...Shred your stubs ASAP...
2006-11-01 15:26:18 · answer #10 · answered by retsiemeop 2 · 0⤊ 0⤋