Financial Documents to Keep on File

Posted by on Oct 25, 2012 in Featured, Important Documents | 0 comments

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.