If you’re selected for an audit, then don’t feel distressed. You can then shred the student loan documents but keep the statement showing your loans were paid in full. The last thing you want to do is have to take the time to call up your insurance agent or the police department to have them find the records. Here’s an explanation for You want to keep business documents for as long as the business is operating. © 2020 Bankrate, LLC. I use use this file organizer for my active file. Your statement should reflect what’s important to you in language you can understand. For example, for tax returns, you will want to keep the prior year’s return in the active pile, but everything older than that can go in storage. The three-year deadline also applies if you discover a mistake in your return and decide to file an amended return to claim a refund. Just don’t keep the only copy of files on your C drive. For example, you would keep any cancelled checks related to tax payments or charitable donations for 7 years, since the IRS can go back that far with an audit.

I realize that as the year progresses, your pay stub will have updated information in the year to date column. Hopefully, this guide for how long to keep financial statements helps you to organize your financial statements clear out some of the clutter. If the annual statement looks good, toss the quarterly statements.

Account statements, prospectuses, annual reports and statements of additional information are just a few of the items that may appear in your mailbox or email inbox. OK, back to the personal record keeping checklist.

Use password protection for electronic files. Before working with an advisor, investors are wise to research Edward Jones reviews and history. If you are unsure how to do this, here is a simple way to backup your computer on a schedule. Required fields are marked *. FOR MORE INFORMATION. Chase Bank users can access seven years of account activity. We maintain a firewall between our advertisers and our editorial team. How long you should keep your bank and credit card statements depends on how you receive them. External audits are often done by insurance companies, too. My wife started on the bin and quickly asked me how long do we need to keep financial documents. You could always invest in a fire-proof safe or storage cabinet. You get pay stubs at least once a month. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. After all, the more informed you are, the easier it will be to achieve the best possible outcome for your situation. Get insider tips and tricks to make it happen fast! I have a virtual folder for each of my credit accounts and bank accounts. We have helped many women navigate major life transitions. To save you some time, here is a PDF you can print out with all of the info.

Last Updated: August 12, 2020 | By Jon Dulin.