How important is a copy of your tax form?

[Rainster]

So I'm freaking out right now -- I was preparing to do my taxes this weekend.

Last year was the first time I did my own taxes, and since I'm normally a really anal person, I thought I made a copy of my tax form before I sent it in. But I can't find it anywhere!!! So that means I either didn't make a copy, or I lost it.

(Incidentally, this year I'm doing it all online...)

Anyway, does anyone know how important it is to save a copy??? Should I be worried that I have no record of what I wrote or filed last year??? :confused:

I feel like "adults" save records for 7 years or whatever, and I screwed up my first time trying. :(

[StateNAurora]

Don't freak out. Yes its imporant to have but not essential. They're good to have if you get audited or to use as a reference for next year. If you filed them on line shouldn't you be able to access the filled out forms?

[Crossroads]

It is helpful to save a copy, especially if you've screwed up your taxes. I save mine as well and a couple of years ago I messed them up to where the IRS corrected it (gave me a bigger refund) but I had to call them to figure out how they made the change so I could do it correctly for the next year. The copy I had camein handy. It may also be helpful to use as a comparison or aid in filing this year's taxes.

Seems like you are able to get a copy of your returns from the IRS. Check out this link:
http://www.irs.gov/individuals/article/0,,id=110571,00.html

[TankgirlyC]

Standard....keep bank statements for 5 years....credit card ones for 3...and tax forms for 10.

Just make a file for yourself to put these things in and your fine.

Dont worry about not having a copy....so long as you make them from here on out.....think of it as a learning mistake....now you know to make a copy and keep it and you wont do it again!
=)

[Rainster]

Thanks. Did last year's taxes on the regular paper form, not online.

:neutral:

Yeah, it's a "learning experience." Yesterday I made a binder for all future tax forms.

Think I'm calmer now!