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Personal Tax Information

Personal Tax Organizer

Important Dates:

  • February 1: Employers must furnish W-2 statements to employees; 1099 statements must be furnished by payers.
  • March 1: Employers must send W-2 copies to the Social Security Administration (March 31 if filing electronically).
  • April 15: Individual income tax returns for prior tax year due.
  • April 15: Prior tax year annual gift tax returns are due.
  • April 15: Deadline for IRA contributions for the prior tax year.

Record Retention for Individuals:

  • Tax returns (uncomplicated) – 7 years.
  • Tax returns (all others) – Permanent.
  • W-2s – 7 years.
  • 1099s – 7 years.
  • Canceled checks supporting tax deductions – 7 years.
  • Bank deposit slips – 7 years.
  • Bank statements – 7 years.
  • Charitable contribution documentation – 7 years.
  • Receipts, diaries, logs pertaining to tax return – 7 years.
  • Investment purchase and sales slips – Ownership period + 7 years.
  • Dividend reinvestment records – Ownership period + 7 years.
  • Year-end brokerage statements – Ownership period + 7 years.
  • Mutual fund annual statements – Ownership period + 7 years.
  • Investment property purchase – Ownership period + 7 years.
  • Home purchase documents – Ownership period + 7 years.
  • Home improvement receipts and canceled checks – Ownership period + 7 years.
  • Retirement plan annual report – Permanent.
  • IRA annual reports – Permanent.
  • IRA nondeductible contributions Form 8606 – Permanent.
  • Insurance policies – Life of policy + 3 years (check with an agent).
  • Divorce documents – Permanent.
  • Loans – Term of loan + 7 years.
  • Estate planning documents – Permanent.

 

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