Record Retention -When Can I Get Rid of Some Tax Returns?

[zeros]

I have paper returns stored back to 2004. They are taking up room which I could use for other things. They are backed up on CD's also. Safe to shred 2004-2005?

[MDEA]

Tax return retention

IRS says you must keep 3 years of returns.If you do bank products you must keep 5 years of returns.When I was with HRB we shredded every May.

[AZ-Tax]

Why dont you scan them?

I suggest scanning them.

[John of PA]

You said they are on CD's, if thats the case, it's OK to shread them.

[New York Enrolled Agent]

IRS says you must keep 3 years of returns.If you do bank products you must keep 5 years of returns.When I was with HRB we shredded every May.

There is no requirement to keep copies of tax returns. See §6107

There are special requirements involving EITC - a three year period for Form 8867, etc . See Reg. §1.6695-2

Can you please provide the cite for the 5 year requirement for copies of returns where bank products were involved?

[MDEA]

record retention

The rule is that you must keep the signed bank papers for five years.This is a banking rule not IRS.Since it is in the same folder just keep every thing.Sorry on miss statement.