Married spouse does not file 1099-INT

[Eleanor733]

I filed my tax return in early January thinking I had all my tax documents already. Since filing, I have received a 1099-INT for my joint bank account. My husband is the primary account holder. We do married filing separate since my husband does not work. Do I have to amend my return to include the 1099-INT since my husband does not file? Or can I leave it alone since he is the primary account holder?  We live in Missouri. 

[VolvoGirl]

You are missing out by filing separately.  Joint is the best way to file even if one spouse has little or no income.  Joint has the highest Standard Deduction.  MFS is the worst way to file.  

Unless you have a specific reason to file separate returns,

It is usually better to file Joint. Joint has the lowest tax rates and the highest Standard Deduction. And if you are in a Community Property state MFS gets tricky to figure out. Here's some things to consider about filing separately……

In the first place you each have to file a separate return, so that's two returns. And if you are using the Online version that means using 2 accounts and paying the fees twice.

Many people think they come out better when filing Married Filing Separate but they are probably doing it wrong. If one person itemizes deductions then the other one must itemize too, even if it's less than the standard deduction, even if it is ZERO!

And there are several credits you can't take when filing separately, like the

EITC Earned Income Tax Credit

Child Care Credit

Educational Deductions and Credits

And contributions to IRA and ROTH IRA are limited when you file MFS.

Also if you file Married Filing Separately up to 85`% of your Social Security becomes taxable right away even with zero other income.

See …….
https://ttlc.intuit.com/community/married/help/is-it-better-for-a-married-couple-to-file-jointly-or-...

[Eleanor733]

@VolvoGirl so how should I go about this since I have already filed for this year? 

[JohnB5677]

You probably don't have to do anything unless your husbands unearned income (including the 1099-INT) is grater than $1,250 in 2023.

In any case you will not have to amend your tax return.

Please see: Do You Have to File an Income Tax Return?  Dependent filing requirements

@VolvoGirl  does have a good point.  You should evaluate filing a joint tax return.

[Hal_Al]

Yes, you must amend to include your share of the 1099-INT income, since it is a joint account. 

"Since my husband does not work" is not a reason for filing a separate return. In fact, it's a very strong reason for filing a joint return. You get to double your standard deduction and pay tax at a lower tax rate.  And that's just the fundamentals. 

Since you'll be amending anyway, you can amend to a Married Filing Jointly (MFJ) return.