Important Family Records: What, Where & How

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Money and Marriage
Issue 2. Important Family Records: What, Where & How

$ Tax Tips • $ Test Yourself • $ Electronic Recordkeeping • $ Social Security

Are you organized? Can you retrieve an important paper or receipt quickly? Do you have a system for keeping records?

A household recordkeeping system does not need to be complex. But you want a system that is easy to use and designed for your specific needs. A successful system requires cooperation from both partners. You will want to work as a team to keep valuable documents organized. Make it a goal to complete the following items. Check each task when finished. By doing so, you'll be well on your way to an organized household.

	Set up a home filing system. Use A Sample Filing System as a guide.
	Rent a safe deposit box to store important papers. Complete a Safe Deposit Box Inventory
	Complete the chart in Location of Important Papers.
	Complete the chart in Family Advisors.
	To update records, use Replacing Valuable Papers.
	Complete a Household Inventory.

$ Tax Tips

The Internal Revenue Service (IRS) has three years – from the date a taxpayer files a return – to complete an audit and assess taxes. However, if a taxpayer omits more than 25 percent of his or her reported gross income, the IRS has six years to complete an audit and assess taxes. If a taxpayer files a fraudulent or false return with the intent to evade taxes, there is no limitation at all.

Tax Storage Recommendations

Keep tax records a minimum of 3 years.
Keep tax records 6 years if you think the IRS might question the amount of gross income reported.
Keep receipts of major household items for insurance claims.
Keep records of a home purchase and improvements as long as you own the property.
Keep records of nondeductible Individual Retirement Accounts (IRA) contributions until all funds are withdrawn.
Keep records of stocks, bonds, mutual funds, and annuity activity as long as you own the investments.

$ Test Yourself

Below are 10 TRUE or FALSE statements about important family records Working together, decide which statements are TRUE by placing a "T" in the blank. Put an "F" in the blank if the statement is FALSE. Use the information in this newsletter and the fact sheets. When finished, check your answers using the key at the bottom of the page.

	1.	Records are necessary to prove age, marriage, ownership, military service or other family changes.
	2.	A safe deposit box is too expensive and unnecessary for a married couple.
	3.	A home filing system begins with elaborate and expensive equipment.
	4.	Every family should determine what records are valuable and where they should be stored.
	5.	A list of family advisors such as bankers, insurance agents, physicians and attorneys is really not necessary.
	6.	Banks are not liable for the contents of a safe deposit box.
	7.	A safe deposit box should contain marriage and birth certificates, leases, list of insurance policies, bank statements, receipts and loan records.
	8.	To replace a lost social security card, contact the local post office.
	9.	To inquire about property and personal tax papers, contact the county tax collector's office.
	10.	Records should be stored unfolded in a dry area with good air circulation.

See correct answers at the end of this article.

$ Electronic Recordkeeping

Buying a home computer to organize and store important records and family information is a questionable use of money. However, if you already own a computer or plan to purchase one, use the technology to get organized. Today, you can purchase software to create a home inventory, pay bills, track monthly income and expenses, set up a budget, compute taxes, balance bank accounts, track stocks, bonds, and mutual funds, record your family's history and much more.

If you decide to use the computer for recordkeeping remember, keeping up the data entry will take discipline. However, you'll probably agree that the results are worth the hassle. Back up the information you enter FREQUENTLY. Don't wait until you lose three or four months' worth of data to learn this lesson.

Before buying your computer, printer and software, ask friends, family and merchants for their recommendations. Shop around and find the products that best suit your needs.

$ Social Security and Married Women

Tell Social Security if you changed your name when you married. For employed women, reporting your name change assures that you will receive proper credit for your earnings. Your earnings record determines your qualifications for benefits. For women who don't work outside the home, reporting the change will ensure that your Social Security record shows the correct name when it's time to apply for benefits.

You want the IRS and Social Security records to show the same name and Social Security number. If they don't, your tax refund may be delayed.

To report a name change, download an application from the Social Security Website, call toll-free, 1-800-772-1213, or visit your local Social Security office. You'll need to complete an Application for a Social Security Card and provide either your marriage certificate to verify your old and new names or two documents – one with your maiden name and one with your married name. All documents must be originals or certified copies. The application form lists acceptable documents.

It's that easy. And, it's free. Don't be misled by any business that offers to complete the paperwork for you – for a fee. The process is simple and you don't need to pay anyone to get you a revised Social Security card.

Answers: 1. True 2. False 3. False 4. True 5. False 6. True 7. False 8. False 9. True 10. True

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Money and Marriage Issue 2. Important Family Records: What, Where & How

Money and Marriage
Issue 2. Important Family Records: What, Where & How