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Income Tax Return retention, how long?
JamesRK
Member Posts: 25,670 ✭✭✭
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'm thinking either three or seven years, but I'm not sure.
The road to hell is paved with COMPROMISE.
Comments
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.
The amazing thing is I lived indoors and ate regularly. [:D]
I kept the forms and backup for the last 10 years.
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.[;)]
Started as an E3 and got out as an E6
That's a big reason I got out.
AC
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.[;)]
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]
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
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.
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!
...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!...[;)]