Financial Documents to Keep on File
There are five kinds of financial documents you should keep in a safe place. We list all them here.
1. Retirement Forms:
- Form 8606 – reports nondeductible contributions to traditional IRA’s
- Form 5498 – Fair Market Value statements
- Form 1099-R – Reports IRA Income Distributions
2. Investment Forms:
- Form 1099-INT – Reports interest income
- Form 1099-DIV – Reports dividend income
- Form 1099-B – Reports proceeds from Broker Exchange Transactions
- Retain any records of your original investment in stocks or funds
3. Mortgage Documents:
Retain any documents pertaining to your mortgage for the period you own the property plus an extra seven years.
4. Insurance Policies:
Retain these for the life of the policy plus an extra three years.
5. Tax Returns:
Retain your tax returns for at least three years and up to seven years if you want to be really safe.
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