I have the 7 years of complete taxes with all supporting evidence , plus I keep certain forms from previous years, Like Roth contribution forms since wasn't sure how one proves contribution vs conversion vs gain without them.
Actually, IRS says you only need to keep 3 years unless you have special circumstances (which they explain on their web site). Now you can really get sweaty palms. I am presently shredding my recently late father's papers.Give your heirs a break if you can. Visit the IRS web site - it is very enlightening.I was on a shredding binge today where I found that apparently I never do any . . . Had the purchase papers from a car I bought in 1995. . . .
Taxes are next. . . Do I really only need 7 years? Do I ditch the 1099s then too? I probably have at least 20 years. . . Somehow they are hardest of the papers to get rid of.
I don't understand the drive to shred old tax returns. That's why I have an attic. And, really, they don't take up more than a banker's box.