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Tax Preparedness Series: Tax Records – What to Keep

Note to Editor: This is the fifth in a series of reminders to help taxpayers prepare for the

upcoming tax filing season.

IR-2016-162, Dec. 6, 2016

WASHINGTON – As tax filing season approaches, the Internal Revenue Service has information

for taxpayers who wonder how long to keep tax returns and other documents.

Generally, the IRS recommends keeping copies of tax returns and supporting documents at least

three years. Some documents should be kept up to seven years in case a taxpayer needs to file

an amended return or if questions arise. Keep records relating to real estate up to seven years

after disposing of the property.

Health care information statements should be kept with other tax records. Taxpayers do not need

to send these forms to IRS as proof of health coverage. The records taxpayers should keep

include records of any employer-provided coverage, premiums paid, advance payments of the

premium tax credit received and type of coverage. Taxpayers should keep these – as they do

other tax records – generally for three years after they file their tax returns.

Whether stored on paper or kept electronically, the IRS urges taxpayers to keep tax records safe

and secure, especially any documents bearing Social Security numbers. The IRS also suggests

scanning paper tax and financial records into a format that can be encrypted and stored securely

on a flash drive, CD or DVD with photos or videos of valuables.

Now is a good time to set up a system to keep tax records safe and easy to find when filing next

year, applying for a home loan or financial aid. Tax records must support the income, deductions

and credits claimed on returns. Taxpayers need to keep these records if the IRS asks questions

about a tax return or to file an amended return.

It is even more important for taxpayers to have a copy of last year’s tax return as the IRS makes

changes to authenticate and protect taxpayer identity. Beginning in 2017, some taxpayers who e-

file will need to enter either the prior-year Adjusted Gross Income or the prior-year self-select PIN

and date of birth. If filing jointly, both taxpayers’ identities must be authenticated with this

information. The AGI is clearly labeled on the tax return. Learn more at Validating Your

Electronically Filed Tax Return.

Taxpayers who need tax information can request a free transcript for the past three tax years. The

‘Get Transcript’ tool on IRS.gov is the fastest way to get a transcript.

If taxpayers are still keeping old tax returns and receipts stuffed in a shoebox in the back of the

closet, they might want to rethink that approach. Keep tax, financial and health records safe and

secure whether stored on paper or kept electronically. When records are no longer needed for tax