Why your most recent tax return belongs in your vault
Your most recent tax return is simply a copy of the last federal return you filed with the IRS — the whole thing, including the schedules and attachments that came with it. It is usually a handful of pages, and there's a good chance you already have it somewhere in a drawer or an email. Keeping a copy in your vault means the people who may one day need it won't have to go hunting.
Why it matters
A tax return is the fastest map of your financial life. In one document it shows what you earn and where it comes from, which banks and investment companies paid you interest or dividends, property you own, what you owe, and who depends on you.
If someone ever has to piece your finances together — a spouse, an adult child, the person who settles your estate — the tax return is usually the very first thing an executor or attorney asks for. Without it, they spend months opening mail and hoping they've caught every account. With it, they have a starting list on day one.
How to get one
- Look in your own files first. Most people already have last year's return on paper or saved as a PDF.
- Ask whoever prepared it. Accountants and tax preparers keep copies for their clients and can usually send you one.
- If you file with tax software, sign in to your account and download the PDF.
- If you can't find a copy anywhere, the IRS can help. Visit IRS.gov to request a copy or a transcript of your return. Requests take time, so don't wait until someone needs it.
- If your state has an income tax, add your state return too. Rules vary by state.
- If an estate attorney is helping you with a will or trust, expect them to ask for the return as well — having it ready saves a meeting.
One year is plenty for the vault. When you file next spring, swap the new return in and you're done for another year.
Good to know
A transcript is not the same as a return. A transcript is the IRS's short summary of key lines. The full return, with its schedules, is what actually tells the story — so store the complete copy if you can get it.
And if you haven't had to file in years because your income falls below the filing requirement, you can skip this one with a clear conscience. It may help to leave a short note in your vault saying so, so no one spends time looking for something that doesn't exist.
Keep it safe
Once you have it, store it in your Hoovalu vault and choose who in your Circle can open it. Your return carries your Social Security number, so keep that list short — usually just the person who would step in to handle your finances.
Related reading
This article is general education, not legal advice.