You might need to keep a W-2 for more than three years to document your income if you plan on buying a home. (opens in new tab)Įven if you’re confident you’ll never be audited, you may need to keep tax documents for other purposes. This sometimes happens to freelancers who lose track of a stray 1099 or individuals who win the lottery or some other type of cash prize and fail to report all of their winnings. The IRS has six years from the date you file your return to audit you if you underreport your income by more than 25%. There are important exceptions to the three-year audit rule. Make the Most of Your Charitable Donations
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