It depends, you may want to keep the most recent 3 years of software incase you need to amend at the very least. If not you may need to download software again, and go through the trouble of looking up license codes. Having the software on your computer allows for amendments at the very least. Always save a copy, which it sounds like you do on your backups, so you can import last year tax return onto the current year tax return. But having the software from previous years is not truly necessary, but can help if needing to amend.
Period of Limitations that apply to income tax returns
- Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.
- Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
- Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
- Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.
- Keep records indefinitely if you do not file a return.
- Keep records indefinitely if you file a fraudulent return.
- Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
The following questions should be applied to each record as you decide whether to keep a document or throw it away. Having the software allows you to amend up to the past three years of return depending on date filed/paid.
@melwil
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