4 years from the filing deadline or from the date you filed your return.
Records of Nontaxable Income-You may need to show that income which was NOT reported on your tax return came from nontaxable sources. Keep records for at least three years from the date the return was due or filed, or two years from the date the tax was paid, whichever is later. Click here for examples of nontaxable income. There is no time frame for the IRS to access tax and tax records must be kept indefinitely if you do NOT file a tax return, OR you file a fraudulent tax return. You must keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. You must keep all employment (payroll) tax records for at least 4 years after the date the tax becomes due or is paid, whichever is later. Click here for a detailed payroll record retention schedul You should keep copies of your Ohio individual income tax records for at least four years from the filing deadline or from the date you filed your return. We recommend you keep these records for up to 10 years from the later of the filing due date or the date you filed your return.  In most cases, you should plan on keeping tax returns along with any supporting documents (e.g., W-2s, mileage logs if you itemize, etc.) for a period of at least three years following the date you filed or the due date of your tax return, whichever is later. For instance, if you omit more than 25% of your gross income from your return, the IRS has six years instead of three to assess an additional tax. Also, if you file a fraudulent return or don’t file one at all (we don’t recommend either!), the statute of limitations never expires. Keep a copy of your return and the records that verify the income, deductions, adjustments, or credits reported on your return. Some records should be kept longer. For example, keep property records as long as they are needed to figure the basis of the property.  Under the statute of limitations, if you do not file a claim for a refund that you are entitled to, you generally have the later of three years from the date you filed the original return or two years from the date you paid the tax, to file the claim. For instance, if you omit more than 25% of your gross income from your return, the IRS has six years instead of three to assess an additional tax. Also, if you file a fraudulent return or don’t file one at all (we don’t recommend either!), the statute of limitations never expires. The assessment period is extended to six years instead of three years if you do not report income that you should report, and it is more than 25% of the gross income shown on your tax return. There is no time frame for the IRS to access tax and tax records must be kept indefinitely if you do NOT file a tax return, OR you file a fraudulent tax return. You must keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. You must keep all employment (payroll) tax records for at least 4 years after the date the tax becomes due or is paid, whichever is later. Click here for a detailed payroll record retention schedule Still, you'd be surprised at how much you can safely discard. Here is what you should keep and how long you should keep it. Three Years. Keep your federal and state income tax returns and related receipts and statements for at least three years. If you may have under-reported income by 25 percent or more, then you'll need to keep tax returns and all related information for six years. You should keep copies of your tax returns and credit claims. This is a list of some of the tax records you should keep: 1  Income: Keep Forms W-2 (wage statements), Forms 1099, financial statements, bank statements, contracts and other documents that verify income on your tax returns. 1 If no return is filed, there is no period of limitations. 2  The department can assess tax at any time. 3  Keep records relating to property you own as long as they are needed to figure the basis of the original or replacement property and 4 years after a return is filed to report the sale or disposition of the property. In some cases, you may need to hang onto your records longer than three years. For instance, you should plan on keeping tax forms for retirement accounts such as IRAs until seven years after the account is completely wiped out. For instance, if you omit more than 25% of your gross income from your return, the IRS has six years instead of three to assess an additional tax. Also, if you file a fraudulent return or don’t file one at all (we don’t recommend either!), the statute of limitations never expires.
http://www.taxformprocessing.com/faq/how-long-do-i-need-to-keep-tax-records.htm http://www.tax.ohio.gov/ohio_individual/individual/faqs/individual/tabid/2766/Default.aspx?QuestionID=138&AFMID=9539 http://blogs.hrblock.com/2013/08/18/store-or-shred-how-long-you-should-hang-onto-tax-records/ https://www.ftb.ca.gov/individuals/faq/net/905.shtml http://blogs.hrblock.com/2013/08/18/store-or-shred-how-long-you-should-hang-onto-tax-records/ http://www.taxformprocessing.com/faq/how-long-do-i-need-to-keep-tax-records.htm http://www.cbsnews.com/news/how-long-to-keep-your-tax-returns/ http://www.revenue.wi.gov/faqs/pcs/keeprec.html http://blogs.hrblock.com/2013/08/18/store-or-shred-how-long-you-should-hang-onto-tax-records/
how long do i need to keep tax records individual