Quick Tip

Financial infidelity: Secret bank accounts, credit cards could cause tax filing issues for couples

ByJason Knowles and Ann Pistone WLS logo

Sunday, February 7, 2021

Financial infidelity: Secret bank accounts could cause tax filing issues for couples

Consumer Investigator Jason Knowles has his Quick Tip of the week on avoiding what's known as " Financial Infidelity."

CHICAGO (WLS) -- Valentine's Day is this month and here's a quick tip for couples whose love may be fading when it comes to finances.

According to creditcards.com, 44% of couples are committing what's known as "financial infidelity," which could include hiding a checking, savings or credit card account.

Experts said this can turn into an issue if you're filing tax returns jointly.

Tips:

If you are filing jointly, make sure you both read and sign the return.

Don't ignore mail. The IRS mails each spouse a tax return to protect you - both to the same address. Open it, read it and understand it.

Don't hide accounts

Experts said you should also have joint accounts for essentials and possibly private accounts for other spending - but you should not hide those private accounts.

Report a correction or typo