How long do you need to keep your old pay check stubs?

[theanimala]

I am trying to get organized and I see I have my pay stubs going back to 2001. I assume I can toss these. If so, can I throw them out our do I need to shread them? It is ALOT of paper, shredding is oing to be a pain in the anus.

 

[dquan97]

I believe 7yrs. Lifetime if you're an accountant

 

[bmacd]

i think it's 5 years. Hell, i can't even find stubs from last month, let alone more than a year ago!

-=bmacd=-

 

[Fiveohhh]

I'm supposed to keep those things?

 

[Quixfire]

I keep them for three years, then I only keep the last one for that year for another four years.

 

[CPA]

there's no "legal" requirement, but I have them from back to 1998 with all my other documents just for safekeeping.

 

[TheNinja]

15 minutes

 

[shuan24]

Until you get the next one!

 

[Zombie]

Why would you be required to keep them ??

If you have direct deposit with your bank you can always get duplicate bank statements when you need them.

That said I have mine from over 3 years ago.

 

[fredtam]

Originally posted by: shuan24
Until you get the next one!

 

[TallBill]

i never keep mine meh

 

[MattCo]

Sometimes when you apply for a loan, the lender asks for a couple months worth of paystubs to ensure employment.

-MC

 

[TwinkleToes77]

I keep all of the most recent 2 years and then the last stub of the year for others going back about 5-7 years.

 

[saxophonoia]

I have mine for at least 2 years.......but every year I go through them and get rid around 3 or 4 of them just so my pile doesn't get too big.

 

[Aharami]

i keep mine for a year. make sure they didnt stick me in my w-2 (not sure if they can...but better to be safe than sorry)

 

[notfred]

I dont keep them at all. Hell, I don't even get them, everything is done electronically, and I work for the federal government. Why the hell would you keep them for years?

 

[spidey07]

what's pay check stub?

they have computers these days ya know.

 

[FoBoT]

Record keeping

The amount of records you should keep is actually more limited than you think. Here is Clark's advice on what to keep and for how long, and what to get rid of...

What records to keep:
? Tax returns, keep forever
? Tax return documentation, for six years
? Contracts, forever
? Real estate records, forever
? Last pay stub of a job if you leave that job
? Last pay stub of the year for your current job
? All mortgage payment checks (statements), until mortgage is paid off
? All student loan payments, until loan is paid off
? Car loan payment stubs, until the car is paid off
? Cancelled checks, for 7 years
? Bank deposit slips, for 7 years
? Bank statements, for 7 years
? Home improvement records, ownership period plus 7 years
? Investment records, ownership period plus 7 years

What records to toss:
? Credit card statements that are more than three years old
? Past insurance statement
? Old utility bills, except the most recent one from your old address if you?ve moved
? Recently paid bills (statements), once you have something saying they've been paid

 

[dullard]

Keeping them is benefitical for many reasons.

Short term (keep them for 4-5 months): May be necessary for loans, may be necessary for good apartments, may be necessary for CC applications, etc.

Medium term (keep them for a year): They prove to be very helpful with taxes. I always have my taxes finished in December the year before they are due. Then on Jan 1st, I submit them and get my refund far sooner than anyone else. This assumes I'm getting a refund.

Long term (keep them for 3 years or so): They can make a tax audit much more smooth. No need to get your bank involved for back copies of deposits (which most banks now charge an arm and a leg for).

Ultra long term (keep them for life): They used to be needed for social security claims. You had to have proof that you earned enough credits to get social security benefits. I cannot tell you how many ~65 year old ladies I've heard on the busses over the years complain for 30 minutes that they cannot remember what they earned in 1953 to fill out their social security applications. Fortunately now this is streamlined and you should get a yearly form mailed to you confirming your earnings and if those forms are correct, you don't need to keep pay stubs anymore. But it is nice to have them for suveniers of your life.

 

[Jzero]

I tossed them after a couple of yaers, although now it's all electronic.

 

[FrustratedUser]

Originally posted by: Fiveohhh
I'm supposed to keep those things?

 

[Vic]

Originally posted by: MattCo
Sometimes when you apply for a loan, the lender asks for a couple months worth of paystubs to ensure employment.

-MC

Conforming guideline is paystubs covering the most recent 30 days prior to closing, minimum of 2. This means that if you get paid once a week, 4 paystubs will be required. Every 2 weeks or twice a month, 2 paystubs. Once a month, still 2 paystubs.
If the loan process takes longer than a month from application and receipt of income documentation, updated paystubs will be required to bring the income documentation current.

 

[dquan97]

Originally posted by: Vic

Originally posted by: MattCo
Sometimes when you apply for a loan, the lender asks for a couple months worth of paystubs to ensure employment.

-MC

Conforming guideline is paystubs covering the most recent 30 days prior to closing, minimum of 2. This means that if you get paid once a week, 4 paystubs will be required. Every 2 weeks or twice a month, 2 paystubs. Once a month, still 2 paystubs.
If the loan process takes longer than a month from application and receipt of income documentation, updated paystubs will be required to bring the income documentation current.

Vic, are you a home loan officer? What does it take to be pre-qualified?

 

[Ausm]

Waste of trees!

Syadmin

 

[GrouchyLadybug]

i just asked my father-in-law, who is an accountant, this very question last week! he said you need to keep everything for at least 3 years back. he said the irs can still audit back 3 years. so for this year, you should keep everything since january 2001. then when send in your taxes for 2004, you can throw out the 2001 stuff, and so forth.