Tax season is almost here, and we want to make sure that you are prepared. Below you will find some of the most frequently asked questions we receive from members.
When will I receive my tax forms from the credit union?
All tax forms will be mailed on January 31st, so expect them within the first week of February. Members who are subscribed to eStatements can access forms in Digital Banking.
How will I receive my tax forms?
Members enrolled for electronic statements will receive them electronically and are accessible in Digital Banking. Members who receive paper statements will be mailed their tax documents.
What if I want to prepare my taxes before January 31st?
Your December 31st statement will include your interest earned and interest paid for the year.
Why didn’t I receive a 1099 or 1098?
Financial institutions are only required to mail a 1099 if the amount is $10.00 or more, or a 1098 if interest paid is $600 or more.
When should I expect my IRA tax forms?
1099R forms for IRA distributions and 1099Q forms for Education Savings Accounts will be mailed by Ascensus by the end of January. 5498 forms for Fair Market Value and Contributions will be mailed by Ascensus by the end of May.
What is the quickest way to receive my tax refund?
An electronic deposit using our routing number and your account number is the quickest method for receiving your return.
Can I use my debit card instead of my checking account number?
The US Treasury provides card payments with a service fee.
If you intend to use the routing and account number at no fee, do not provide your card number.
How do I find my routing and account number?
The routing number for all accounts is 211178006. Your checking account number is the 10-digit number printed on your checks, immediately following the routing number. Your savings account number would be your member number followed by the 2 digit suffix. Learn more about routing and account numbers.
Use the message center in your online banking to request your account number format if you do not have printed checks.
Can I let someone else deposit their refund to my account?
No. Tax refunds should only be deposited into an account in the name of the recipient. Refunds presented for someone who is not on an account may be returned to the US Treasury Department.
When will my tax refund/payment be posted?
If you use a tax preparer that advances you the amount of your refund, they should provide you with the date to expect your refund. Otherwise, visit https://www.irs.gov/refunds to track the status of your refund.
My tax refund is due to post today. Why didn’t it post?
Electronic deposits are posted four times a day, with the last posting at 6:30 pm. Members should wait until after the last posting to initiate a research request.
It is past the date my refund was due. What do I do?
As with any transaction dispute, the credit union would need a copy of your refund confirmation. This would include the exact date and amount that you were expected to receive your refund. Without the exact date and dollar amount, we may be unable to locate the transaction.
If you have any questions, please call 860.828.2790, option 5.