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Level 2

Discovered that an investment account I thought was closed isn't

Today I got an email that a statement was available for an account I thought I closed years ago. I called and apparently it wasn't and they have been sending statements and tax forms via email but it must have been going into spam because today was the first time Ive ever seen it. My question/concern is that I haven't reported that 1099 div in 10years but the investment website only goes back to 2014.  I can see that I can go into turbo tax and amend 2020 and 2019 but i need to go futher. What is the best way I should do this? It dates back to years I don't have those years taxes on my computer. Do I call the IRS? Do I amend starting at 2014 and work my way up? or what? Can I call turbo tax and they can help me?

2 Replies

Discovered that an investment account I thought was closed isn't

the first thing you should do is review your account transcript at the IRS website. probably only 2015-2020 are available. 



it's likely that the IRS may just have ignored the difference because the change in taxes would have been small or none. if the amount was large enough the IRS would have taken the amount due from your next year's refund or sent you a bill.   so before filing a bunch of amended returns consider how much is involved both from an unreported income and taxes owed.  I certainly wouldn't file an amended return for any year the IRS records show a $0 balance.  also if you have state income taxes, by filing the amended returns the, IRS would likely inform the state.  states are much more likely to go after small amounts owed. 



2020 can be amended and submitted online. for 2019, 2018 and 2017 you would need to contact Turbotax support to see if they will push desktop downloads to you. they can not be amended online or efiled.

Turbotax no longer supports years prior to 2017. you would have to do the amendments manually.



Level 2

Discovered that an investment account I thought was closed isn't

wow thank you for the tip on the IRS website. I went there and I see all zeros. I can also see where they actually got the 1099 div but a line item that says no filling requirements. Should I just let it go then and start claiming it in 2021 now that I know. Or should I at least mend 2020? I went into my 2020 turbo tax and started the amend process but oddly it gave me a refund for federal and owe on state (basically a wash) but it didn't give me the option to file online said I had to mail it so I am sure I can still cancel it. Getting a refund scares me a bit because it doesn't make since.

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