Past returns

[p3pilotppc]

How many years of past tax returns need to be saved?  I have heard both three and seven, which would mean either 2017 through 2019 (3) or 2013 through 2019 (7).  Does 2019 count as a past tax return or do you start with 2018 and count back?  This can be confusing!

Thanks to whomever!

[gehinious]

Well, the good news is that with TT, you can save your returns on a flash drive or on your hard drive and it takes up very little room.  But, officially, from the IRS website:

1. Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.
2. 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.
3. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
4. 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.
5. Keep records indefinitely if you do not file a return.
6. Keep records indefinitely if you file a fraudulent return.
7. Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.