Record Retention Chart: The following 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.
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