can i throw away tax paper for last year and the year before that?

Question

i have had my tax papers for the past years is it ok if i throw them or am gonna need them later. is it possible that they gonna ask for them

Answer 1

Save them 3-6 years. The IRS does not have to tell you immediately if it is going to audit you.

Answer 2

You must save all of your tax records (not just the returns!) for at least 3 years past the filing deadline for the return or 3 years from the actual filing date, whichever is later. Most pros recommend you retain at least 6 or 7 years worth.

Some records have a much longer retention time and may need to be kept for decades or even permanently. Any records that cover your current tax situation such as mortgage records, deeds, need to be kept as long as the property that they apply to is owned by you. Capital loss carryover records need to be retained as long as you are still carrying a loss forward. Gift Tax returns need to be kept for life; the executor of your estate will need them after you die.

Answer 3

The IRS does audit. I know for a fact. Ooouch!!
I save my records for ten years. It's a real pain, but well worth the effort just in case you open your mail box one day and get that horrible letter.

Answer 4

Hang onto them for at least three years. You aren't likely to need them, but could if anything about your return is questioned.

Answer 5

i would save them for five years