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How Long to Keep Investment Paperwork

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With the arrival of year-end statements and tax season, use these tips to help keep your paperwork organized.

Cancelled Checks & Receipts for Retirement Plan Contributions—Keep for seven years.

The IRS has a three-year timeline to perform an audit for good-faith errors. Three years also applies if you find a mistake and file an amended return to obtain a refund. However, the IRS has a six-year timeline to question your return if it thinks you underreported your gross income by 25% or more.

IRA Contribution Records—Permanently.

For nondeductible contributions, keep the records to show at withdrawal time that you already paid taxes on this money.

Retirement/Savings Plan Statements—Keep one year to permanently.

When you receive the annual summary for your 401(k), see if the quarterly statements match, and if so, shred them. Annual summaries should be kept until retirement or account closure.

Brokerage Statements—Until you sell the securities.

You need the purchase or sales slips from brokerage or mutual funds to show capital gains or losses at tax time.

Our financial consultants can help with any questions you have. For more information and to learn more, call 800-533-6773, ext. 2107. You can also safely dispose of your unwanted personal documents at our annual Shred-it Events in Madison and Milwaukee. Look for more information in our next newsletter.

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