Do I need to keep TurboTax software for each year 2016, 2017, etc installed on my PC and also CD-ROM?

[AnnetteB · Accepted solution]

No, you do not have to keep previous years of TurboTax installed on your computer.  As long as you have your CD it can be reinstalled.  Or, if you purchased it from TurboTax and downloaded it to your computer, it can be downloaded again.

It is important that you keep your .tax20xx data files though.  These will be needed in order to access your prior year tax returns.

[Nirav_]

Thank you Annette!! One last question is it possible to download the software if I lost my CD and I have to keep last seven years right per IRS?

[AnnetteB]

If it was originally purchased directly from TurboTax, then you may be able to download the program again without another purchase, but I'm not 100% sure.  If it is for a year prior to 2015, then it may not still be available.  

It is a good idea to keep your records and documentation for at least 5-7 years in the event that the IRS questions something with your returns.  However, it would be rare for them to go back that far because only the last 3 years of returns are still 'active' with the IRS and states.

[Nirav_]

Thank you and appreciate your help.

[AnnetteB]

You're welcome.