How many years must I keep IRS 1040 data?

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How many years must I keep IRS 1040 data?

2007-01-29 05:27:29 · 4 answers · asked by Jim 1 in Business & Finance ➔ Taxes ➔ United States

4 answers

IRS can only go back 3 yrs to audit returns that have been filed. If no return has been filed or tax evasion is involved they can go back forever. I keep 3 yrs back.

2007-01-29 07:24:30 · answer #1 · answered by Anonymous · 0⤊ 0⤋

5 years.

2007-01-29 13:32:44 · answer #2 · answered by WC 7 · 0⤊ 0⤋

IRS normally hold on your filed returns for 5 years. So it would be good to hold on to your copies for 5-7 years. After that you can get rid of them.

2007-01-29 13:43:14 · answer #3 · answered by sweetnsexy_38 2 · 0⤊ 0⤋

I've always kept mine for about 7 to 10 years but I've been told 5 to 7 is great.

2007-01-29 14:01:21 · answer #4 · answered by mom2 1 · 0⤊ 0⤋