You should keep copies of your tax returns as part of your permanent tax record. Tax returns can be useful for:

• Preparing future tax returns
• Filing an amended return
• Your survivors
• Administration of your estate

You can request a copy of a prior year’s tax return and all attachments by filing Form 4506 with the U.S. Internal Revenue Service (IRS) and paying a fee. Copies are generally available for seven years after filing. If you only need information from your tax return, transcripts of returns processed within the last three years--which include most of the line entries--are available free-of-charge by filing Form 4506-T. Your tax return preparer can also provide you with your prior tax returns. Further information on tax recordkeeping is available in IRS Publication 552.

You must keep the supporting records for your tax returns for the period of time—called the period of limitation—during which you can amend your return for a refund or credit and the IRS can assess additional taxes. These records include:

• Proof of income and expenses
• Home purchase, selling of home, insurance, and improvement costs
• Investments records

The periods of limitation, beginning with the date you filed your return if you filed early or the due date, are:

• Three years, if you owe additional tax
• Six years, if you failed to report income that is more than 25% of the gross income shown on your return
• No limit, if you filed a fraudulent return
• No limit, if you did not file a return
• The latter of three years or two years after tax was paid, to file for a refund or credit
• Seven years, to file a claim for a loss from worthless securities