Fsa how long to keep records

Updated February 18, It's Not Just About Taxes. Owe the IRS? Here Are Your Options. The Tax Benefits of Donating to Charity. How to Organize Your Records. Weltman says a good way to start is to divide your financial papers into four categories. How to Store Your Files. Sharing is Nice. Yes, send me a copy of this email. Oops, we messed up. Try again later. More From Consumer Reports. But opting out of some of these cookies may have an effect on your browsing experience.

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Analytics cookies help us understand how our visitors interact with the website. It helps us understand the number of visitors, where the visitors are coming from, and the pages they navigate. The cookies collect this data and are reported anonymously. Records related to Affirmative Action Plans must be kept for at least two years from the date the record was made or action was taken, whichever happened later.

Records relating to retirement plans annual reports, summary plan descriptions, required reports to the DOL and the Pension Benefit Guarantee Corporation, and other related materials must be kept for at least six years from the filing date. While the Fair and Accurate Credit Transactions Act FACTA does not expressly require record retention, we recommend keeping documents that contain information from credit reports for one year before you destroy them. There are many different requirements relating to the retention of employment records things like applications, promotion documentation, transfers, layoffs, terminations, etc.

The information below reflects the periods of limitations that apply to income tax returns. Unless otherwise stated, the years refer to the period after the return was filed. Returns filed before the due date are treated as filed on the due date.

Note: Keep copies of your filed tax returns. They help in preparing future tax returns and making computations if you file an amended return. The following questions should be applied to each record as you decide whether to keep a document or throw it away. Generally, keep records relating to property until the period of limitations expires for the year in which you dispose of the property. You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure the gain or loss when you sell or otherwise dispose of the property.

If you received property in a nontaxable exchange, your basis in that property is the same as the basis of the property you gave up, increased by any money you paid.