amending returns for unreported interest earned
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BooBoo88
Level 2

amending returns for unreported interest earned

I realized that I didn't report interest for several years that my husband's bank accounts earned and didn't show up on my 1099 forms from my bank or the joint accounts.  this goes back 5-6 years.  Do I have to file an amended return for all those years?

4 Replies
AlanT222
Expert Alumni

amending returns for unreported interest earned

You are required to report all income earned in the year it was received.  Generally, if you do not report all income, the IRS will send you a notice of deficiency.  They will either correct your return to include the interest or require you to file an amended income tax return.  Assuming that you have not received notices for the years in question, the amount of interest you did not claim did not amount to a significant change in your tax liability.  

 

If the interest was significant and likely to cause you to owe tax, use these instructions to amend your tax returns.  If the interest was not significant, wait for the IRS to give you instructions.  

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BooBoo88
Level 2

amending returns for unreported interest earned

Thank you for your reply.  How many years back to i have to amend, there may be 7 or 8 years that i omitted my husband's accounts' interest?  On the order of 160- 750 dollars per year.  The IRS did not send us a notice, but would that amount be considered significant?  It is less than a percent of the total income reported for any particular year. 

JeffreyR77
Expert Alumni

amending returns for unreported interest earned

You can amend 2017-2019 tax years. 

 

The IRS will not contact you for any year prior to 2017 if they have not had any contact with you up until now on this.  

 

Amending Returns with TurboTax

 

 

@AlanT222

BooBoo88
Level 2

amending returns for unreported interest earned

thank you so much for your help.

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