Seriously worried? No -- but this is a situation not to be ignored.
You are required to report all income, no matter how small, and regardless of whether you got a form or not. Usually the IRS matches up the items you report on your return with documents they receive from financial institutions. If there is an omission they should let you know -- eventually..
Two bright spots:
- some interest you received may have been tax-exempt;
- the amount of interest you received may not have changed your tax liability.
When the IRS finds out, though, you might get hit with a small late-payment penalty for failing to claim interest income. If the IRS sends a notice, you typically have to pay a penalty of 0.5% of the tax owed. This charge is per month after the tax deadline -- April 17 this year -- and it includes the last half of April and the part of the month that the IRS sends you a letter.
But don't wait for the IRS to act if you forget to include interest as taxable income. Simply send in an amended tax return for the years you omitted the interest.
Please see the following FAQ for information on amending a return you already
filed:
https://ttlc.intuit.com/replies/3288565
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