🔹- record-keeping -🔹
Many taxpayers asked if they are required to keep a copy of their tax returns and / or supporting documents. Well, you SHOULD keep these records for a minimum of 3 years.
By keeping your prior year tax returns, taxpayers can not only compare the information if the IRS made changes in the return, but also protect and authenticate their identity front of the IRS.
In particular, taxpayers will need to input either:
1. Prior-year Adjusted Gross Income (AGI) amount or
2. Prior-year self-select PIN and their date of birth
If taxpayers were filing married filing joint (MFJ), both taxpayers must authenticate their identities with these information. Supporting documents helps you to explain in front of the IRS in case they are auditing your US tax return / changing the numbers on your return.
✅ tips | record-keeping is EXTREMELY IMPORTANT. If taxpayers have lost access to their prior year tax returns, they can request a copy of their transcript via IRS website / by mail to get last year’s AGI amount.
#1040 #2018 #2019