I file a joint tax return with my husband, but I have a separate savings account. I'm afraid that he will find out about it when its interest is reported for taxes. Is there any way that I can keep this account a secret from him?
If the bank where your "secret account" is located issues you a form 1099-INT at the end of the year, it will report that interest amount to the IRS. The IRS eventually compares the 1099-INT filings it receives with tax returns. If the interest on your form 1099-INT isn't included in the interest that you and your husband report on your tax return, the IRS may contact your and your husband requesting that additional tax be paid or that an explanation be provided. Trying to hide money from a spouse in an interest-bearing account usually doesn't work for that reason, and short-reporting interest income on tax returns is not recommended.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
If the bank where your "secret account" is located issues you a form 1099-INT at the end of the year, it will report that interest amount to the 