| What to Keep, What to Toss | ||
| DOCUMENTS | HOW LONG TO SAVE | WHY |
| Tax returns and proof of filing | Forever | In case you're audited, and to have a history of your finances |
| Documents that support your tax return (1099s, W-2s, statements and receipts that prove deductions) | Six years. Hang on to paper that backs up this year's filing, for instance, until April 17, 2013. | In case you're audited. The IRS typically has only three years to examine your return for mistakes, but the window gets wider if it suspects deliberate misconduct. Better safe than sorry. |
| Receipts | Until the warranty expires for big-ticket purchases; six years for deductible expenses | To establish date and proof of purchase for warranties, to track deductible expenses for the current year's tax return and to support those write-offs in case of a future audit |
| Stock, bond and mutual fund statements | Six years after you sell if you have a gain; if you have a loss, six years after you last claim it on your return | To prove to the IRS how you accounted for the gains or losses |
| Medical bills | One year, typically; six years if you deduct medical expenses | In case you are able to itemize or have a dispute with your insurer; if you do itemize, hold longer in case of an audit. |
| Pay stubs | Until your W-2 arrives | To confirm the information against your W-2 summary |
| 401(k) and IRA statements | Until year-end summary arrives | To check that your contributions have been credited correctly; keep the year-end statements for your long-term files. |
| Bank statements | Until the end of the year | To confirm your 1099; hold longer if needed for tax purposes. |
| Utility bills | Until the end of the year | To track usage; hold for six years if you deduct a home office. |
| Credit-card statements | One month for most | To reconcile charges; hold longer if needed for tax purposes. |
|
|
|
|
Getting things in order: A crib sheet
| Prep for what has changed - or gotten trickier - on your 2006 return and make filing more rewarding. (more) Consumers may soon have more protection from the credit card industry. In the meantime, Gerri Willis looks at how to minimize fees and penalties. (more) |
© 2008 Cable News Network. A Time Warner Company. All Rights Reserved.
Terms under which this service is provided to you. Privacy Policy
Live Quotes automatically refresh, but individual equities are delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET.
* : Time reflects local markets trading time. † - Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Disclaimer
* : Time reflects local markets trading time. † - Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Disclaimer
| Copyright © 2008 BigCharts.com Inc. All rights reserved. Please see our Terms of Use. MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. All Times are ET. Intraday data provided by ComStock, an Interactive Data Company and subject to the Terms of Use. Historical, current end-of-day data, and splits data provided by FT Interactive Data. Fundamental data provided by Hemscott. SEC Filings data provided by Edgar Online Inc.. Earnings data provided by FactSet CallStreet, LLC. |
© 2008 Cable News Network. A Time Warner Company ALL RIGHTS RESERVED.
Terms under which this service is provided to you. Privacy Policy
Terms under which this service is provided to you. Privacy Policy
* : Time reflects local markets trading time.† - Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges.• Disclaimer
| Copyright © 2008 BigCharts.com Inc. All rights reserved. Please see our Terms of Use. MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. All Times are ET. Intraday data provided by ComStock, an Interactive Data Company and subject to the Terms of Use. Historical, current end-of-day data, and splits data provided by FT Interactive Data. Fundamental data provided by Hemscott. SEC Filings data provided by Edgar Online Inc.. Earnings data provided by FactSet CallStreet, LLC. |