How Long Should I Keep My Tax Records?

Generally, the IRS recommends keeping copies of tax returns and supporting documents at least three years. Some documents should be kept up to seven years in case a taxpayer needs to file an amended return or if questions arise. Keep records relating to real estate up to seven years after disposing of the property.

Health care information statements should be kept with other tax records. Taxpayers do not need to send these forms to IRS as proof of health coverage. The records taxpayers should keep include records of any employer-provided coverage, premiums paid, advance payments of the premium tax credit received and type of coverage. Taxpayers should keep these – as they do other tax records – generally for three years after they file their tax returns.

Driver License Requirement for Tax Year 2016

Beginning in Tax Year 2015—following the lead of the IRS—New York began to capture taxpayers’ driver license or state-issued ID (non-driver ID) information for their electronically-filed personal income tax returns as an additional verification device to deter fraud. Providing this information was optional for Tax Year 2015. 

Beginning with Tax Year 2016, this information is required for New York State personal income tax returns that are prepared using software. The requirement applies to driver licenses or state-issued IDs from any state.