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Keep records for three years from the date offiling the original return or two years from the datethe tax was paid, whichever is later, if filing aclaim for credit or refund after filing thereturn. 3. Keep records for seven years if filing aclaim for a loss from worthless securities or bad debtdeduction.
Correspondingly, when can I throw away old tax returns?
Keep records for 3 years from the date you filed youroriginal return or 2 years from the date you paid thetax, whichever is later, if you file a claim for credit orrefund after you file your return. Keep records for 7years if you file a claim for a loss from worthless securities orbad debt deduction.
Secondly, is there any reason to keep old tax returns?
You probably learned that you should keep a taxreturn for at least three years after filing it. Thereason for the three-year answer is that the IRShas up to three years to audit you and assess additionaltaxes. The IRS can go back six years when more than25% of income was omitted from the tax return.
Generally, the IRS can include returns filedwithin the last three years in an audit. If weidentify a substantial error, we may add additional years.We usually don't go back more than the last sixyears. The IRS tries to audit tax returns as soon aspossible after they are filed.