Federal Tax Forms / Backup Data Recordkeeping Requirements

"les" wrote

The IRS says:

"You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. Generally, this means you must keep records that support items shown on your return until the period of limitations for that return runs out."

I like to pad that a bit for E&O. So for the returns themselves, I'd suggest at least 10 years. The supporting documents, I'd suggest at least 5 years.

That is of course, based on not hearing anything from the IRS or state. If audited, keep them longer from the last time you heard from them.

I recently had notifications of class action suits regarding stocks (2 different ones) traded in 99-00. So having those records helped get me the data I needed to submit my claim.

Joe