How Long Do You Need to Keep Your Tax Returns?
One of the most often questions I get from clients is how long to keep their tax returns and records. Most people think the proper answer is seven years. But, it is a little more complicated than that. That is because those forms, receipts, canceled checks, and other documents could be needed later. The IRS generally has three years after the due date of your return (or the date you file it, if later) to initiate an audit — that hasn't changed.
In addition, some documents may be kept even longer. For instance, it might be wise to save W-2 forms until you start receiving Social Security benefits so you can verify your income if there's a problem - unless you go to the ssa.gov site and verify that they have the correct information recorded for you.
Here is some general information on how long you should keep various types of information: