Question

If you fail to report some foreign income on your 2018 return could you add the foreign income to your 2019 return or would you have to file an amendment to 2018 return?

Forum|Forum|6 years ago
December 16, 2019
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TurboTax Live Self Employed

Employee

You have to amend the 2018 return. You cannot just add 2018 income to a 2019 tax return, no matter where the income came from. Income has to be reported on the tax return specific to the tax year in which the income was received.

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K

kateandjoe2018Author

Will I incur penalty charges for underpaying by accident?

Critter

Employee

The IRS can charge you underpayment penalties plus interest on the return AND if the income amount is significant an understatement penalty may also be applied.