Taxable account

[igneous1]

What is the name of your state? Texas

I've had a retirement account and also a small "taxable" account from inheritance for years now. Do I have to pay taxes every year on the
cap gains from this small account? I have not been doing it because the company doesn't send a 1099, but I think I've screwed up.
What's best way to remedy? Thanks

 

[Taxing Matters]

What is the name of your state? Texas

I've had a retirement account and also a small "taxable" account from inheritance for years now. Do I have to pay taxes every year on the
cap gains from this small account? I have not been doing it because the company doesn't send a 1099, but I think I've screwed up.
What's best way to remedy? Thanks

You were required to include all taxable income on your tax returns regardless of whether you received a Form 1099 for it. How much taxable income in a year do you receive that account and what part of that would be due to this "small account"?

In most cases the IRS may only audit returns filed in the last three years. So if the account is truly small the way to remedy this is by doing amended returns for those filed in the last three years. If the amount was too small to change the tax owed then don't bother. The IRS doesn't want to see amended returns that have no effect on the tax due unless it impacts some other part of the return or impacts what you will file in future years.

 

[igneous1]

So I should have paid the tax on the dividends and interest I got since 2013 for this account. I've had it 10 years and got 150k when my parents had passed. The D and I average around 3k per year.

 

[LdiJ]

So I should have paid the tax on the dividends and interest I got since 2013 for this account. I've had it 10 years and got 150k when my parents had passed. The D and I average around 3k per year.

You probably should have done so. However, the fact that they do not issue 1099s could possibly mean that the account is some sort of deferred account. Have you asked the company involved why they don't issue 1099s? Did the account get properly put into your name?

 

[davew9128]

Did the account get properly put into your name?

I think we both know the answer to that.