How long do you keep.....

Mominohio · ‎08-08-2010

things like checking statements, cancelled checks, pay stubs, medical EOB's, statements from your annuity etc.?

I spent a week cleaning out files, and some of these things I have kept and arranged in chronological order for a decade or longer. I'm paring back many of them, and thinking that one year for most of these things is good enough.

Tax returns I have back to the early 1980's and those are the only thing I have I'm really sweating getting rid of.

Anyone have any input about 'important' papers and how long to hold on to them, and why?

fourpaws56 · ‎03-04-2015

lol, I don't keep anything....

Snowpuppy · ‎03-09-2010

Tax returns-3 yrs. I file online & save them to a jump drive.

Medical statements for tax return purposes, 3 yrs. EOB's have been online since 2009. I only write 1 paper check per month and all my financials are online.

I haven't gotten a paper paystub or paper paycheck in, forever.

Only thing I do hang onto are my pension statements. Not retired yet.

Nightowlz · ‎03-11-2010

I have bank statements for years. I also have all of our tax returns for 40 yrs. LOL!!! I need to shred those. I have no idea how long to keep any of. I have never needed any of it either. I don't write checks much, only have 1 EOB per yr & don't keep it. I don't have any pay stubs either. I really need to clean out the file cabinet.

tansy · ‎01-02-2011

Most everything I would ever need is available online.

i never keep more than seven years of tax returns.

Shorty2U · ‎03-09-2010

We keep tax forms for 5 years. Bank statements a year or 2. Now that I read this I need to start shredding papers, because its been a while..lol..So (seriously), thank you for posting this. Oh PS I keep all my MRI reports and films and now discs (they started to be on the past years). Ive kept them all since 2001 because of my spine issues. Those I wont ever get rid of. But we shred all other things right away.

And in the end, the love you take is equal to the love you make~ The Beatles

gabstoomuch · ‎03-16-2010

I have so much to shred. I come from the pencil and paper days, and my Dad was an accountant. He beat into my head at a very early age to "keep a paper trail".

I don't think he meant 20 years of paper though

I honestly think I could get rid of every box of paper I have. Everything is online now, and whatever you might need a copy of, a company or bank would have it in their own data base.

IRS can only look back years for an audit. Courts can go back 7 years for a bankruptcy. Other than that, I honestly don't know why I still keep "a paper trail" now?

My credit union has a perk of a shredder truck parking in their lot every other month. You can bag up however much you want, then you stand in line and toss it into the shredder truck yourself, so no paperwork ever goes to other people to be shred. You see it getting shredded.

I need to get on it and get all this needless clutter out!

gidgetgh · ‎03-09-2010

Bank statements (checking, money market, online account, etc.) about 3 years. Our cancelled checks don't come with the statements anymore.

Bills are shredded as soon as we mail the payment.

Tax returns- I've gotten us down to 7 years worth. I'd go a little lower than that but my husband doesn't want to. As soon as we pick up the current return from our CPA and bring it home early next week, I'll shred the oldest one we've been holding.

EOB's I don't keep at all. We can get them online if we need them.

I keep only the year end "paystubs" (direct deposit advices) from our pensions as they recap the entire year. I put those in with that year's tax return info. I only keep those because Clark Howard said it was a good idea because it recaps the entire year and shows the taxes you paid.

@Mominohio- why are you "sweating" getting rid of tax returns dating back to the 80's? That's way past the time where you can be audited.

I'm the executor of my parents estate and I've been working on all their stuff. I have their tax returns back to 2011. I'm picking up their final tax return on Monday. When I get home, I'll shred the 2011 return.

Why is it, when I have a 50/50 guess at something, I'm always 100% wrong?