How Long Should I Keep This Junk?

I’m SUCH a purger of unnecessary stuff at home, and it’s pretty exciting to recycle or shred a ton of old paperwork – check out these recommendations on how long to keep important documents:

-Tax Returns: 7 years
This includes, but is not limited to, W-2 and 1099 forms, mortgage interest statements, property tax records, brokerage statements, and cancelled checks or receipts for all deductions.

-Paycheck stubs: 1 year, until you get your annual W-2 form from your employer
After confirming that the information on the stubs matches the W-2, shred the stubs. If it doesn’t match, alert your employer immediately and get a corrected W-2, known as a W-2c.

-IRA Contributions: Indefinitely
If you made a nondeductible contribution to an IRA, keep the records indefinitely. This way, when the time comes to withdraw funds, you have proof that you’ve already paid taxes on this money.

-Retirement/Savings/Investment Statements: until you retire or close the account
Keep monthly or quarterly statements until you receive the annual summary; confirm that the statement amounts match up, then shred the monthlies or quarterlies.

-Home or Condo sales: 6 years
Keep records documenting the sale.