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Personal Document Retention Guidelines While you should confer with your accountant for your specific guidelines for your state, here are some basic guidelines for document retention, according to www.bankrate.com: ATM receipts: Shred and toss after receiving monthly statement Audit Reports: Forever Bank statements: 6 years Contracts and Leases: Life of Contract, plus 3 years Credit card receipts: Toss the receipts after matching up with the monthly statement Credit card statements: 3 years (or 7 years, if tax-related) Housing Records: As long as you own the home, plus 6 years Insurance Records: Life of the policy, plus 10 years Investment Records: 6 years after sale of the investment IRA Contributions: Forever Legal Correspondence: (Marriage certificates, death certificates, divorce papers, etc) Forever Pay Check Stubs: 1 year (Note: Make sure the information on your check stubs match your annual W-2. If it does, toss the stubs. If it doesn’t, request a corrected form, W-2c. Retirement and Savings Plans: Until you retire or close the account Tax Returns and supporting documentation: 7 years Utility Bills or bills for non-tax deductible items. 1 year Warranties/Guaranties: Life of Product (Source: www.bankrate.com) |
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