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Should I save my pay stubs?

 
 
Reply Tue 16 Mar, 2004 08:00 pm
I have always saved all my pay stubs. But lately my company has switched to an online system, and it made me wonder: Why am I saving these pay stubs? Is there some reason to save pay stubs? Isn't the information all on my W2 forms anyways? Could pay stubs be helpful if I'm ever audited? Is there any reason at all that I should be saving them?
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Type: Discussion • Score: 4 • Views: 16,601 • Replies: 18
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ehBeth
 
  1  
Reply Tue 16 Mar, 2004 08:18 pm
Here's one reason - if you're ever in a car accident and have to prove your income to the auto insurer who is going to pay you an income replacement benefit, the pay stubs will come in handy. Not all employers are prompt about filling in the forms the insurance company gives you to have filled out. The paystubs can prevent a payment delay.
0 Replies
 
sozobe
 
  1  
Reply Tue 16 Mar, 2004 08:20 pm
Also, there is such a thing as computer (or human for that matter) error -- having paystubs helps you check the rest of it (W-2 et al) to make sure it's accurate.
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kickycan
 
  1  
Reply Tue 16 Mar, 2004 08:32 pm
Okay, then I should save what, like a few month's worth of stubs? That should cover me, right?
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sozobe
 
  1  
Reply Tue 16 Mar, 2004 08:37 pm
Well, with checking W-2 errors, that'd be more than a year's worth.

Prolly not the end of the world if you don't, but how hard is it? I kept 5 years' at a time, I think, rotated 'em. Still didn't take up much space.
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kickycan
 
  1  
Reply Tue 16 Mar, 2004 08:44 pm
Not hard. Like I said, I've already been saving them. It's just that now I have to remember to print the stupid things from my computer at work. Thanks for the help.
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sozobe
 
  1  
Reply Tue 16 Mar, 2004 08:45 pm
Oh, you have to print them now, yeah, I can see how the extra step would be annoying.
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Linkat
 
  1  
Reply Wed 17 Mar, 2004 11:12 am
Any time you may need proof of income, a pay stub is helpful. For example when applying for a mortgage, they usually request not only your past W-2 forms, but your past 2 months worth of pay stubs, bank statements, etc. I would think two months worth typically is sufficient. Once you have it on-line, you having a hard copy should no longer be an issue. I would just verify that you can go back and print out previous months' pay stubs.
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Miller
 
  1  
Reply Wed 17 Mar, 2004 11:15 am
Re: Should I save my pay stubs?
kickycan wrote:
I have always saved all my pay stubs. But lately my company has switched to an online system, and it made me wonder: Why am I saving these pay stubs? Is there some reason to save pay stubs? Isn't the information all on my W2 forms anyways? Could pay stubs be helpful if I'm ever audited? Is there any reason at all that I should be saving them?



The stubs could be important to you in the future, when you're checing your Social Security benefits. Cool
0 Replies
 
Miller
 
  0  
Reply Wed 17 Mar, 2004 11:17 am
sozobe wrote:
Oh, you have to print them now, yeah, I can see how the extra step would be annoying.

Many brokerage firms are doing the same thing, except they give the investor a choice between snail mail and e-mail.
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Linkat
 
  1  
Reply Wed 17 Mar, 2004 12:35 pm
Your W-2 should have your SS amounts on them. If not you need only save your last year stub as pay stubs show year to date information.

I hate all that extra clutter too.
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Heeven
 
  1  
Reply Wed 17 Mar, 2004 12:55 pm
I got a new job recently and before I started here I needed a pay-stub from my previous two jobs to prove that I had indeed worked at those places. Apparently the background checkers couldn't find my information in the regular way - they had some difficulting tracking down the HR departments and one of the companies closed down, so it was a good thing I had been keeping all of my paystubs going back the last 8 years.

I also find my paystubs handy so I can go back and check when I took vacation or got my bonus check or how much I have been putting into my 401K over the various years. Without these hard-copies I would have to rely on the various HR departments of the companies I have worked for and lots of the people employed in my last two jobs have moved/changed/closed down. I wouldn't know how to go about getting a copy of my information if I didn't have them. It's also a back-up to my W2 for filing my taxes.

Or maybe I'm just a pack-rat (!)
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Heeven
 
  1  
Reply Wed 17 Mar, 2004 01:02 pm
Oh and the last company I worked for had switched to an online paystub system a year before I left. I, being the control-freak I am, printed out all my paystubs and brought them home. My boss, who left a month after I did, and happens to now work in the new company I am in now (he followed me!) recently whined to me about needing his pay-stub for a deduction on a house purchase. He never printed his and guess what? The division we used to work for is gone - there are no HR people employed in the U.S. group any longer and the London head-office doesn't have a clue how to help him. La-la-la-la!
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roger
 
  1  
Reply Wed 17 Mar, 2004 01:42 pm
I keep mine for about two years back, and I've got the computer that prints the darn things. In and amongst other things, my payroll records vacation time accrued and taken. Now, suppose I depart the company under hostile circumstances (not inconceivable), and check the final check and disagree with payment for vacation not taken. I do have verifiable records to work from.
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suzan1
 
  2  
Reply Fri 28 Aug, 2009 01:26 pm
I do this, to have peace of mind.
I have a binder, labeled as: PAYSTUBS - W2 - TAX REPORTS and the years it includes (2001-2002 etc.)
I put the paystubs, as soon as I get them, the last over the previus.
I put my copy of the W2 Form on top of the year's paystubs, as soon as I get it,too.
On top of it I put the copies of Federal and State Tax Reports.
If I have to pay taxes I copy my check and the bank's original Statement that includes the check's payment info.
If I have a refuns, I put the bank's original statement that includes the refund deposit,IRS any letters for this year.I add them,as well.
Here the year ends.
On top of all those I continue the same way with the next year's stuff.
The whole year is in one place and you can easily find paystubs.W2s, Tax reports, Tax payments, Tax refunds and IRS correspondence,and you can check if something is not correct.
One binder is enough for many years.

0 Replies
 
Mame
 
  1  
Reply Fri 28 Aug, 2009 03:52 pm
I throw mine out the minute I see the same amount is deposited in my bank. I don't save anything except the last 7 years worth of taxes and even those I'm tempted to toss. I have never in 30 yrs had the need to look at a paystub once I've confirmed payment.
roger
 
  1  
Reply Fri 28 Aug, 2009 03:59 pm
@Mame,
Being in the US, and not especially trusting, I never fail to reconcile the final stub of the year with the W-2 form, which is filed with Social Security Admin (not IRS).
donj00j
 
  1  
Reply Fri 14 Sep, 2012 11:00 am
@roger,
my boss started to deduct the taxes last month and until this month there is no salary .. i mean for two months i had no pay stub and no proof where does the money deducted goes.. what should i do? please help...
0 Replies
 
nelsonhimes
 
  1  
Reply Tue 18 Sep, 2012 11:22 pm
@kickycan,
Yes you should save pay stubs because it helps you a lot in future
0 Replies
 
 

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