How Long to Keep Papers

Record Retention Chart: Below is a general reference of record retention for your home. Please seek the advice of an accountant or financial advisor to determine your record retention needs as every household differs. If you are claiming a part of your house as a business expense, your record retention needs will be different.

Document	When to Shred
Bank Deposit Slips	After you reconcile your statements
Banking Statements	After a calendar year; store with tax returns if they will be used to prove deductions
Brokerage, 401(k), IRA, Keogh, and Other Investment Statements	Shred monthly and quarterly statements as new ones arrive; hold on to annual statements until you sell the investments and retain with supporting documents for tax returns.
Credit Card Statements	After you check statement and pay bill, unless needed to support tax filings
Employer Defined Benefit Plan Documents	Never
Household Warranties and Receipts	After you no longer own the item
Household Repairs and Improvements	At least three years after you file your tax returns for the year of the sale.
Insurance Policies	After you renew them
Investment Purchase Confirmations and 1099s	Hold until you sell the securities, then keep with your tax records for an additional ten years
Pay Stubs	After you review unless you are going to reconcile them with your W-2 statement
Receipts	After you reconcile them with your credit-card or bank statement unless needed for a warranty or return
Social Security Statements	When you get a new statement, shred the old one
Tax Returns and Supporting Documents	Depends on the type of return, check with the IRS or accountant, can be as little as 4 years. Consider holding onto returns only lifelong as it is a documented timeline of financial history
Utility Bills	After you get next one unless needed to support tax filings
W-2 and 1099’s	The IRS has six years to contact you if you’ve failed to report income

Diane Albright, Certified Professional Organizer