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Level 4
posted May 10, 2025 12:24:38 PM

Retaining back up documents - Roth IRA conversion and also Medical docs

Twelve or so years ago, I had to amend my Federal Return due to an accountant incorrectly calculating conversion to Roth IRA's for both my spouse and myself.  The amended return was accepted  We have not taken any RMD due to our age, but am wondering if I can now get rid of all the paperwork (except for the returns).  I'm referencing paperwork and correspondence  back to the original 2004 IRA contributions including several changes of companies that managed the IRA's before and after conversion.

 

Y'all are probably laughing at me, but I worked in the legal field and was taught to NEVER throw anything away! 

 

2nd question - do I need to keep all the supporting docs for years worth of medical expenses?  I don't believe I ever was able to itemize them, but kept for HSA backup. 

 

Many thanks! 

 

0 1 7348
1 Best answer
Level 10
May 10, 2025 5:37:07 PM

 

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.

If you have never claimed a medical deduction then you do not need to keep any medical records.

1 Replies
Level 10
May 10, 2025 5:37:07 PM

 

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.

If you have never claimed a medical deduction then you do not need to keep any medical records.