How long should I keep pay check stubs in the chance of getting randomly audited?

Question

I have heard up to seven years in the past. But w/ most everything being computerized and what not, does this still hold true for tax purposes and what are the most important documents to keep?

Answer 1

you dont need to keep actual paystubs. keep your W-2s and tax documents used to prepare your tax returns, i.e. 1099s, 1098 etc.

Answer 2

keep tax returns and the backup stuff (e.g., W-2s, 1099s, 1098s, receipts, etc) for about 5 years. you don't need the pay stubs because the info is on your W-2s.

SHRED old stuff. NEVER throw stuff in the trash without shredding it.

One thing you can do is to scan all documents into an un-alterable format and keep the disk in a safe place. The IRS considers this the same as if you have all the info in a paper format. It MUST be an un-alterable format!

Answer 3

You won't need paycheck stubs for an audit. If you're a W2 employee, your W2s reflect the income you earned.

You should generally keep copies of tax returns, including the supporting documentation for 5 years. The IRS normally only can look back 3 or 5 years unless fraud or tax evasion is suspected. There is no statute on fraud or tax evasion.

The lookback period is based on the filing deadline for the tax year of the date the return was filed, whichever is later. If you have an open tax year, the IRS can look back decades if they wish.

Anything that documents your income (W2s, 1099s, bank statements, etc.) or business expenses or personal deductions (receipts, canceled checks, expense and mileage logs, etc.) should be kept for 5 years.

Answer 4

i would just keep all of them on file, JUST IN CASE.

you never know