How may years of tax returns do you need to keep filed away?

Answer 1

IRS has the power to audit any return up until three years after it was filed (actual filing date, I believe).

If they find anything in such an audit, they can then go back three move years on that one issue or issues.

Then, if they find the same thing wrong, ... another three years.

In theory, this continues all the way back until they reach a return that they officially accepted as complete and correct [which usually means that they audited].

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I keep mine for 10 to 12 years.

Which is back to the last time I was audited.
Which audit I won. Zero added tax liability.


GL