Generally, the IRS recommends keeping all documents that prove how much income you View this earned and anything that supports credits or deductions you claim. Don’t worry about keeping every single document, though. For example, your W-2 form will summarize how much you’ve earned, so you don’t need to file away every single pay stub.
Here’s a rundown of some of the basic tax documents you should keep on file for three years.
Income
Your taxes start with how much you made, so keep a record of all the dollars you were paid in a given year.
W-2 forms
1099 forms
K-1 forms
Expenses
If you’re self-employed or a freelance worker, keep evidence of all the money you had to spend to keep your business going.
Sales slips
Invoices
Receipts
Canceled checks or other proof of payment
Annual bank statements
Investments
If you have an investment portfolio, those documents need to be preserved, too.
Annual brokerage statements
1099 forms
2439 forms
Retirement accounts
As you plan for retirement, keep the IRS informed of your account activity.
Form 5498, Roth and traditional IRA contributions
Form 8606, nondeductible IRA contributions
Annual statements
401(k) and other company-sponsored plan statements
Form 1099-R distribution records
Health insurance
When you file your taxes, you don’t have to submit proof of your health insurance. However, you may still need to show the IRS that you were covered.
Form 1095-A (Health Insurance Marketplace Statement)
Form 1095-B (Health Coverage)
Form 1095-C (Employer-Provided Health Insurance Offer and Coverage)
Insurance cards
Statements from your insurance provider
Payroll statement that shows money was deducted for your health insurance
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