Quick Answer: How Long Should You Keep Pay Stubs For?

How long should you keep old pay stubs?

While paycheck stubs are important for verifying proof of income, they’re not one of the financial documents you need to hold onto permanently.

As a general rule of thumb, it is a good idea to hold on to pay stubs for at least one year.

You’ll need your paycheck stubs every year when you pay your taxes..

Can you go to jail for making a fake pay stub?

If you are caught, you can face jail time for fake pay stubs. There are also substantial fines that could be in excess of $1 million. If you use those fake paystubs to prove your income for renting a house or apartment, or applying for a mortgage, that is fraud.

How long should you keep your bank statements?

one yearKey Takeaways. Most bank statements should be kept accessible in hard copy or electronic form for one year, after which they can be shredded. Anything tax-related such as proof of charitable donations should be kept for at least three years.

How long do you need to keep closing documents?

Keeping records of these expenses can help lower your capital gains tax. Other paperwork associated with the loan, such as refinancing agreements, should be kept for at least three years, although some real estate professionals recommend keeping this paperwork for up to 10 years.

Can I throw away old Paystubs?

In general, you should keep pay stubs for up to a year, then it’s considered safe to throw them away. Make sure you properly shred them so no one can get ahold of your old pay stubs and glean personal information you don’t want public.

What papers to save and what to throw away?

When to Keep and When to Throw Away Financial DocumentsReceipts. Receipts for anything you might itemize on your tax return should be kept for three years with your tax records.Home Improvement Records. … Medical Bills. … Paycheck Stubs. … Utility Bills. … Credit Card Statements. … Investment and Real Estate Records. … Bank Statements.More items…•

What happens if I lose my pay stub?

You can obtain a copy of your pay stubs by contacting your employer’s human resources or payroll department. Some employers might require employees to submit a formal request to get copies of pay stubs, while others maintain employee pay information in an online database.

How many years of utility bills should I keep?

Chart: What records to keep, how long to keep themDocumentHow long to keep itCredit card statementsOne monthPay stubsOne yearBank statementsKeep monthly statements for one year. Keep annual statements related to your taxes for at least seven years.Utility and phone billsOne month5 more rows•Mar 15, 2010

Is it safe to throw away bank statements?

You may be ready to throw them out, but you’re not sure how. Is it safe to throw away old bank statements, or do you need to shred them first? According to the Federal Trade Commission, you should shred documents containing sensitive information, including bank statements, to protect yourself from identity theft.

What papers should I keep and for how long?

Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.

Is it illegal to falsify pay stubs?

If an individual needs a loan but they don’t qualify because their income isn’t enough, they can fake a pay stub to increase their chances of qualifying. However, this is a criminal act. You could face serious fines and even jail time, depending on how much money you borrowed and whether or not you paid any of it back.

What records need to be kept for 7 years?

Accounting Services Records should be retained for a minimum of seven years. Accountants, being a conservative bunch, will often recommend that you keep financial statements, check registers, profit and loss statements, budgets, general ledgers, cash books and audit reports permanently.

How many pay stubs should I save?

But they also don’t want to have pay stubs sitting around inside their homes for years and years to come. Generally speaking, it’s a good idea to keep your pay stubs for at least a year. That’ll give you access to the pay stubs if you ever need them. But it’ll also prevent you from hanging on to pay stubs for too long.

Can someone do anything with Paystub?

If there was a check attached to your pay stub, a thief is likely attempting to cash that check. … They can put a stop on your check, so that there is no way a thief will be able to cash it. Someone in the H.R department can also help to change your direct deposit information.

How long should you keep pay stubs Canada?

seven yearsBecause it is so important to have all supporting documents on hand, many suggest you keep your pay stubs and other financial documents for seven years, just to be safe. The six-year period begins at the end of tax season and is based on your file date.

How many years should I keep?

Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.

Should I shred utility bills?

Most experts suggest that you can shred many other documents sooner than seven years. After paying credit card or utility bills, shred them immediately. … After one year, shred bank statements, pay stubs, and medical bills (unless you have an unresolved insurance dispute).