Should You Toss It?

From Capitol Federal

Here is a quick guide so you know what bills and receipts to keep, and for how long.

Toss (Shred) Every Month -

• ATM, bank deposit and credit card receipts. Toss after you've checked them against statements and your check register.
• Sales receipts. Toss them after you've satisfactorily used them, and if no warranty exists.

Toss (Shred) Every Year -

• Pay stubs, bank, mutual fund, mortgage statements and bills. Toss after a year and after you've reconciled them with your tax forms and year end summary reports.
• Phone and utility bills. Toss them as long as you don't have a home office or use your phone for business calls.

Toss (Shred) Every 7 Years -

• W-2 and 1099 Forms, year-end credit card statements, cancelled checks, tax statements, medical bills and tax-deductible expenses. Keep them for seven years and then toss them when you feel comfortable.
• Phone and utility bills. Save for seven years only if you deduct any portion for business expenses, have more than one home, or have moved within the last couple of years.

Keep Indefinitely -

• Tax returns, year-end financial summaries, home improvement records, major purchase receipts and beneficiary designations. Keep these indefinitely.