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| *Loan,banking and credit>>>tax year |
Do you save your paycheck stubs? Even if you do your taxes every year? |
Someone told me to save them anyway, just in case. Well i've been saving them for 4 yrs. I have alot of them now. I honestly just feel like shreding them. I dont see the point of keeping them, thats why i do my taxes. I'm not the type of person that keep every single receipt, I only keep what I think necessary. any suggestions? Thank you guys :) You get a W-2 at the end of the year showing the total of any pay stub info you'll need, so then you can toss out your pay stubs. It's a good idea to save them until then, so if something happens that you don't get a W-2, you can show what you made and what was deducted - after that, they are just taking up space. ask your bank pepole what to do. There is no legal requirement to keep paystubs. Other than to verify correct pay and deductions AND to match the last stub of the year to your W-2 there are few reasons to keep them. One good reason is that they can be evidence in a situation where an employer was not following labor law; for example not paying overtime in accordance with law. If your employer seems on the "up & up" I see no reason to keep them for more than a year or 2. Assuming your check stubs have a 'Year to Date' section, the last statement of each year is the most you would need to keep. Once you receive your W-4, you would not need the pay stubs at all unless you need documentation of non-tax deductions. Remember that tax returns can be audited for up to 3 years even without any allegation of fraud. Keep records needed to support you return at least that long. I used to save mine but it seemed like those little blue papers were all over my house! I get paid weekly so it was a lot of extra paper. When I was disposing of an old couch recently, an old paycheck stub with my full SSN fell out of it! Now, I've signed up for my company's paperless option and can view my earnings online without receiving a paper stub. (I can print it out if I need to.) One thing I've been doing recently is scanning documents and bills that I want to keep and making a digital copy. Then I can shred the paper and keep my desk clean. I back up the digital copies to the computer and to a removable harddrive so that I can't lose them to a computer crash. I keep my pay stubs for the entire year until I do my taxes and get my refund then I shred those from the previous year and start a new pile. i still keep my copy of the W-2 though |
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