Keeping Records - What do I keep and for how long?

Your tax return has been filed and you have boxes of receipts, statements and copies of tax returns from years past.  What do you need to keep and how long should it be kept?  The following guidelines should help. 

An important note!  When you determine that it is no longer necessary to keep documents, remember to dispose of your records by shredding them.  Do not dispose of these documents in your normal trashcan.  Remember - identity theft is a very prevalent crime in today's world.



Type of record Length of time to keep -- and why
IRA contributions
Retirement/savings plan statements
Bank records
Brokerage statements
Credit card receipts and statements
Paycheck stubs
House/condominium records