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Banker Review of 1040 Tax Return

Multiple 1040s For The Same Year?

Declan asks:

Why would a married couple filing together file 3 different 1040s in one year?

Linda says:

Wow! Are you sure they don’t have the IRS, the banker and the ex-spouse version? Even if the first one filed needed to be amended, the amendment is done on a 1040X, not another 1040. And even if they filed married-filing-seperately, there would only be two.

With that response in mind, Declan followed up with his borrower. “Apparently, the tax person prepares 3 separate 1040s before combining them onto the official return due to the complexity of income sources. Someone’s associate just sent the wrong docs.”

If it does not seem right, ask!

If your first thought was, multiple 1040s does not sound right, you were right. But is there ever a time that you are not sure enough of yourself to ask?

Here are some options:

  • Ask your mentor lender
  • Look it up at
  • Use my contact form to ask me

Do you think the lenders to Enron, at some point, might have wondered just what was going on, but did not ask? I do. Always ask.

A webinar on “How to Get Info Fast”

One of the weekly webinars in Lender’s Online Training is on this very subject. You can sign up for our free modules to check it out, which comes with the option to attend one of our webinars at no charge. Check it out.

About the Author
Linda Keith CPA is an expert in credit risk readiness and credit analysis. She trains banks and credit unions throughout the United States, both in-house and in open-enrollment sessions, on Tax Return and Financial Statement Analysis. She is in the trenches with lenders, analysts and underwriters helping them say "yes" to good loans. Creator of the Tax Return Analysis Virtual Classroom at, she speaks at banking associations on risk management, lending and director finance topics.