Suggested Holding Periods for Tax Records:
1. It is a good policy to save copies of your 1040 and supporting schedules indefinitely.
2. The IRS requires record retention as long as they are important for Federal Tax law. Generally this means:
3. Keep ALL--bank statements, checks, receipts and other financial records for at least three years, especially those documents that will support your tax return figures.
4. HOLD INDEFINITELY