By:  JNBA Financial Planning Committee

Around the beginning of each new year and around tax prep time, many people find themselves going through the piles of paperwork they have accumulated throughout the year and wondering what they can eliminate.  We have compiled this simple list to help our clients navigate the paper and help them get organized:

1)    JNBA quarterly reports (yellow paper): you should keep all quarterly reports until the end of the year.  You can then retain just the 12/31 year end report and shred the rest.

2)    TD Ameritrade statements:  you should keep all monthly statements until the end of the year.  You can then retain just the 12/31 year end report and shred the rest.

3)    TD Ameritrade trade confirmations: Keep all buy/sell transaction confirmations related to your taxable accounts.  You do not need to keep for IRA accounts unless you want to. 

4)    Tax returns: Our understanding is the IRS can typically audit back up to 6 years.  So, we recommend you keep the last 7 years of returns.  However, you can also discuss this with your tax professional.