When can I throw it out?

When in doubt, do NOT throw it out!!! Below is a list of documents that you should keep for one, three, and six years:

Personal Documents To Keep For One year:

Bank Statements


Paycheck Stubs (reconcile with W-2)

Canceled checks

Monthly and quarterly mutual fund and retirement contribution statements (reconcile with year end statement)

Personal Documents To Keep For Three Years:

Credit Card Statements

Medical Bills (in case of insurance disputes)

Utility Records

Expired Insurance Policies

Personal Documents To Keep For Six Years:

Supporting Documents For Tax Returns

Accident Reports and Claims

Medical Bills (if tax-related)

Property Records / Improvement Receipts

Sales Receipts

Wage Garnishments

Other Tax-Related Bills

Personal Records To Keep Forever

CPA Audit Reports

Legal Records

Important Correspondence

Income Tax Returns

Income Tax Payment Checks

Investment Trade Confirmations

Retirement and Pension Records

Try to keep these documents for at least one year. After tax time, you never know if you get audited by the IRS, or if you tax prep professional may need them to properly process your return.

Happy filing!

Leave a comment

Your email address will not be published.