Tax season is over, and your focus is on enjoying the summer. But before you close that tax file, make a final review to ensure your records are accessible should you ever need them. This is especially important. If the IRS or state revenue department selects your return for review. Here are some tips on post-tax-filing record retention.

Toss this, not that

• Keep a copy of your Form 1040 indefinitely. Do not toss or destroy any of your 1040s. You may need them to correct historic Social Security earnings statements or to prove that you filed a tax return.
• You must retain supporting documents for three years. Records to support your tax return (i.e., W-2s, 1099s, K-1s, receipts, canceled checks, bank statements, and mileage logs) should be kept for a minimum of three years from the later of the tax filing due date, the date you filed your taxes, or the date you paid your tax in full. This approach ensures that your records are available for a potential IRS audit.
• Hold onto property and investment records longer. To prove your cost/basis and taxable gain or loss, all records relating to property that you own (your home, rental properties, stocks, bonds, and other investments) need to be kept for at least three years after it’s sold or disposed of.
• Be mindful of other record retention requirements. The three-year period is the federal guidance for standard returns. There are other factors to consider, including:
  • State record retention requirements (often six months to one year longer)
  • Requirements for insurance, banking or estate management
  • W-2s to confirm and defend your historic Social Security earnings statement
  • Additional federal requirements for tax returns including unreported income (six years), worthless securities (seven years) or bad debt (seven years)
  • No audit time limit for fraudulent returns
• Pay special attention to new rules. Remember this past year was the first year for tax-free tips and tax-free overtime. Pay special attention here to ensure you can defend your deduction with employer or vendor documentation. And in 2026, the above-the-line charitable contribution will need proof to take the deduction.
• A specific filing system is not a requirement, but organization is key. The ability to easily locate your documents during an audit will make the process much simpler. Here are some tips:
  • File records by year rather than income or deduction type.
  • Within the file, order your records to match the flow of the Form 1040.
  • Consider scanning your files to create a digital backup.
  • Create 2026 files now to save documents for the current year.
  • Shred old documents; don’t just throw them away.

Post-tax-filing record retention

If you are unsure whether to retain or shred a document, keep it unless you know that you can replace it. Contact our RRBB advisors today if you have questions or need assistance.