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Income Tax Return retention, how long?

JamesRKJamesRK Member Posts: 25,672 ✭✭✭
edited January 2009 in General Discussion
I'm cleaning out my file cabinet, getting rid of some obsolete and/or unnecessary paper. I have Income Tax Returns back to 1964. How far back should I keep them?

I'm thinking either three or seven years, but I'm not sure.
The road to hell is paved with COMPROMISE.

Comments

  • chappsynychappsyny Member Posts: 3,381 ✭✭
    edited November -1
    Statute of limitations is 7 years.
  • JamesRKJamesRK Member Posts: 25,672 ✭✭✭
    edited November -1
    Thanks.
    The road to hell is paved with COMPROMISE.
  • leeblackmanleeblackman Member Posts: 5,683
    edited November -1
    Its really weird, but when my grandpa passed away he had some old pay stubs, and it was probably more fascinating than the other stuff he left behind. To say "Wow, I can't believe he really used to work for $3.50 an hour, or wow, that company doesn't exist anymore." It may seem insignificant to you but your grandkids may treasure it.
  • cce1302cce1302 Member Posts: 9,555 ✭✭✭
    edited November -1
    quote:Originally posted by leeblackman
    Its really weird, but when my grandpa passed away he had some old pay stubs, and it was probably more fascinating than the other stuff he left behind. To say "Wow, I can't believe he really used to work for $3.50 an hour, or wow, that company doesn't exist anymore." It may seem insignificant to you but your grandkids may treasure it.

    I'm 28, and I used to work for 3.50 an hour.
  • JamesRKJamesRK Member Posts: 25,672 ✭✭✭
    edited November -1
    In 1964 I made $3,459.70 and paid $400.16 in federal tax.

    The amazing thing is I lived indoors and ate regularly. [:D]
    The road to hell is paved with COMPROMISE.
  • MaaloxMaalox Member Posts: 5,171 ✭✭✭
    edited November -1
    I went through my tax files a couple years ago and was surprised when I had almost all of the tax returns I have ever filed. (I'm 49) I threw away all the backup, but kept the actual forms just for the entertainment factor. It was nice to do some reminiscing as I went through 30+ years of tax returns. My first job back in 1976 was as a dishwasher at a steak house in Anderson IN. The Lucky Steer! Actually I don't think the Steers we served were very lucky[;)]

    I kept the forms and backup for the last 10 years.
    Regards, MAALOX
  • ljwrenchljwrench Member Posts: 5,053
    edited November -1
    quote:Originally posted by cce1302
    quote:Originally posted by leeblackman
    Its really weird, but when my grandpa passed away he had some old pay stubs, and it was probably more fascinating than the other stuff he left behind. To say "Wow, I can't believe he really used to work for $3.50 an hour, or wow, that company doesn't exist anymore." It may seem insignificant to you but your grandkids may treasure it.

    I'm 28, and I used to work for 3.50 an hour.


    Yea, I'm 40 and worked for less than 3.50/hr. When I graduated H.S. and went full time and on 3rd shift they gave me $4.35. I thought I was rich and went out and bought an '83 Z28. I met my lovely bride because of that car.[;)]
  • acdoddacdodd Member Posts: 1,314 ✭✭✭✭✭
    edited November -1
    I was in the Navy from 6/18/1970 to 3/18/1980 and I made a total of $55,000.
    Started as an E3 and got out as an E6
    That's a big reason I got out.
    AC
  • victorlvlbvictorlvlb Member Posts: 5,004
    edited November -1
    Looking at the good side of serving in the Navy.I went to more countrys then I could of if I was working for two bucks an hour here in the states. From 1962 to 1966 I doubt I made even close to twenty grand. I can say that being born here in the U.S.A. is the best thing that ever happened to me. You all have a good life and a Happy New Year.[:)][:)][:)]
  • footlongfootlong Member Posts: 8,009
    edited November -1
    James-You gettin old[?][?][?]
  • dongilldongill Member Posts: 2,640
    edited November -1
    My first job in a Ma and Pa grocery store paid 25 cents per hour!
  • MMOMEQ-55MMOMEQ-55 Member Posts: 13,134
    edited November -1
    First job payed 50 cents working on a dairy farm. I learned to drive the tractor and got a raise to 75 cents. Went into the Marines and my base pay was $307.00 a month
  • remingtonoaksremingtonoaks Member Posts: 27,192
    edited November -1
    Make sure you either shred it or burn it, so no one gets your info. Then every year when you file, destroy your oldest set, that way it won't pile up on you again
  • reloader44magreloader44mag Member Posts: 19,356 ✭✭
    edited November -1
    quote:Originally posted by cce1302
    quote:Originally posted by leeblackman
    Its really weird, but when my grandpa passed away he had some old pay stubs, and it was probably more fascinating than the other stuff he left behind. To say "Wow, I can't believe he really used to work for $3.50 an hour, or wow, that company doesn't exist anymore." It may seem insignificant to you but your grandkids may treasure it.

    I'm 28, and I used to work for 3.50 an hour.
    How old were you when you made that wage and who was your employer? just curious. I'm 47 and used to make that at a job when I was 16...31 years ago and at that time I think minimum wage was $3.15 per hour...I will assume you were a dog walker that worked for cash.[;)]
  • GotteskriegerGotteskrieger Member Posts: 3,170 ✭✭
    edited November -1
    In the '60s i worked at a car wash for 6 cents a car.
  • 41 nut41 nut Member Posts: 3,016
    edited November -1
    First job I had was working for a potato farmer and paid by the day. $12. for a 10 to 11 hour day depending on how long it took to get the job done. [}:)][}:)]
  • allen griggsallen griggs Member Posts: 34,346 ✭✭✭✭
    edited November -1
    As I understand it, the IRS can go back on you no more than 3 years for a faulty income tax filing.
  • SperrySperry Member Posts: 5,006 ✭✭✭
    edited November -1
    Three years. Usually.

    Picture2-1.png
  • cce1302cce1302 Member Posts: 9,555 ✭✭✭
    edited November -1
    quote:Originally posted by reloader44mag
    quote:Originally posted by cce1302
    quote:Originally posted by leeblackman
    Its really weird, but when my grandpa passed away he had some old pay stubs, and it was probably more fascinating than the other stuff he left behind. To say "Wow, I can't believe he really used to work for $3.50 an hour, or wow, that company doesn't exist anymore." It may seem insignificant to you but your grandkids may treasure it.

    I'm 28, and I used to work for 3.50 an hour.
    How old were you when you made that wage and who was your employer? just curious. I'm 47 and used to make that at a job when I was 16...31 years ago and at that time I think minimum wage was $3.15 per hour...I will assume you were a dog walker that worked for cash.[;)]

    I was 15, and actually it was only 3 bucks an hour. Yes, it was below minimum wage. It was at a small grocery store.
    During a couple summers from age 12-14 or so, I picked strawberries for 3 weeks when they were in season. got $.25 a quart, so on a good day I could earn 2-3 bucks an hour. What does "child labor law" mean?
    [:0]
  • TxsTxs Member Posts: 18,801
    edited November -1
    quote:Originally posted by cce1302
    What does "child labor law" mean?[:0]Not to get overly technical, but under US law kids down to age 10 can be employed as 'hand harvest labor' for up to 2 months out of the year. BTDT
  • NevrnuffstufNevrnuffstuf Member Posts: 149 ✭✭
    edited November -1
    WOW! I am REALLY OLD!
    I worked for Dowell Chemical in NW New Mexico back in the late 50's hauling Frac tanks all over the oil patch. I was Making $1.40 an hour. Lots of 100 hour weeks though. Fun times.
  • mango tangomango tango Member Posts: 3,830 ✭✭
    edited November -1
    quote:Originally posted by JamesRK
    I'm cleaning out my file cabinet, getting rid of some obsolete and/or unnecessary paper. I have Income Tax Returns back to 1964. How far back should I keep them?

    I'm thinking either three or seven years, but I'm not sure.


    I've heard you should keep income tax forms for 10 years and bank statements and other related material for 3 years!
  • COLTCOLT Member Posts: 12,637 ******
    edited November -1
    ...Unless you have ALL suporting documents to verify all the info on your returns, might as well chunk 'em, the returns alone are exactly what the IRS has anyway. If an audit is ever initiated the IRS wants to see the docs you used to fill out your returns, not the returns.

    ...IF you are ever audited the IRS can and will go back 7/15/ even 20 years if they want you bad enough, they literaly will spend thousands to go after a $100....know of several cases from a friend of mine that was a supervising Agent until his retirement; makes the ATF look warm and cudly, very very scary true stories including rights trampled, false imprisonment, etc., etc.

    ...The pursuit of individuals AFTER the IRS themselves found evidence that CLEARED the accused, but were instructed by higher up supervisors to continue because otherwise; they all would look like chumps and THEY would be in a jam, to hell with the innocient guy who had spent almost $100,000 on legal fees fighting bogus charges or the thousands it would continue to cost him.

    The "victim" finally got the media involved when an IRS whistleblower tipped him off he was being persecuted unduly months after IRS evidence showed he was innocient; just because the supervisor in charge had spent "too much money and resources", to stop...SCARY!...[;)]

    ani-texas-flag-2.gif
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