2006-12-30 09:39:52 · 15 answers · asked by abbystutu 1 in Business & Finance ➔ Taxes ➔ United States
7 years, or for ever just in case. but atlest 7 years.
2006-12-30 09:41:13 · answer #1 · answered by Anonymous · 0⤊ 0⤋
7 years
2006-12-30 17:41:40 · answer #2 · answered by Anonymous · 0⤊ 0⤋
There is no easy answer to this question; it really depends on what's on the return. Here are a couple of examples to explain:
If you are making non-deductible contributions to your IRA account and filing Form 8606 with your returns, then you would want to keep those returns until three years after the balance in your IRA is depleted. This is so you can prove that you already paid the tax on the money in your IRA account so you won't have to pay tax again when you take the money out at retirement, and the extra three years is taking the statute of limitations on that last tax return into account.
If you are operating a business and have a net operating loss carryforward, you would need to keep the returns until three years after the net operating loss carryforward is used.
Personally, I NEVER throw away a tax return; you never know when you may need it.
2006-12-30 19:47:34 · answer #3 · answered by figment_usa 5 · 1⤊ 0⤋
You have up to 3 years to amend a tax return of income or deductions change. The IRS has up to 3 years after the date a return was received or last amended. To meet this time requirement, you need to keep your returns for at least 7 years.
If you own items that you need to keep track of the basis of, it might be useful to keep your tax returns even longer. Hope this helps.
2006-12-30 17:44:47 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I have all of mine. I keep the paper copies in a file, and I have scanned them onto a disk. Since I have been filing online the past few years, I have them saved to a disk and on my computer. You never know when you might need them again. Other than that, I think 7 years is long enough.
2006-12-30 18:31:32 · answer #5 · answered by Lynda C 3 · 2⤊ 0⤋
7 years.
2006-12-30 17:44:33 · answer #6 · answered by Anonymous · 0⤊ 0⤋
The IRS has three yrs from the date you file to audit your income tax return (unless fraud is suspected in which case they have 10 yrs). Logically, keep copy of your return and supporting documents for at least three yrs. I keep mine for ever...
2006-12-30 20:31:02 · answer #7 · answered by kalamity 3 · 1⤊ 0⤋
7 years because the IRS can go back and audit you for the previous 7 years.
2006-12-30 17:43:16 · answer #8 · answered by tooshy 2 · 0⤊ 0⤋
Generally you need to keep your returns for three years from the date of filing. There are exceptions listed here
http://www.irs.gov/businesses/small/article/0,,id=98513,00.html
2006-12-30 18:48:53 · answer #9 · answered by ninasgramma 7 · 1⤊ 0⤋
I believe you need to keep them for 7 years. You might want to call your H&R Block office or accountant to be sure.
2006-12-30 17:42:21 · answer #10 · answered by D N 6 · 0⤊ 0⤋