|wAug 26, 2008|
Question for the audience
Okay, so on the road to getting my life in order includes sorting out financial things. Today, I bought a book for $1 called Get a Financial Life by Beth Kobliner. It explains things so nicely! Things that I once had only a vague idea about are much more clear to me now.
The first thing I have to do is to get organized.
This book recommends keeping bank statements for three years, in case a person were to get audited (I might switch to receiving these via e-mail if possible, though; I'm all about not wasting paper).
It doesn't say anything, though, about how long to keep pay stubs. I'm sure it's okay to throw away my old pay stubs from ShopKo (I haven't worked there for nearly a year, and even then, I think I only worked a total of 5 days in 2007), but I really have no idea how long I should hold on to pay stubs from my current job. The only book advises only that I keep them, but surely not forever...?11:16 PM
I wouldn't keep pay stubs past a couple months, really. I can't imagine you'd need anything more than W2s, 1099s, etc. to document year-end income information in the case of something like an audit.
Because I'm anal about these things, I keep my paystubs for the same time period as my corresponding W2s, tax returns, etc. That way can you compare the stubs to your W2s in case there's a discrepancy. Employers' systems aren't foolproof, so I figure it's better to keep good records in case of a problem. And when it comes down to it, the stubs really don't take up that much room.
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