Tax Form Frequently Asked Questions
Tax season is here! Paper Credit Union tax forms will be mailed in the last two weeks of January. Read more to learn about the process, how to view your eTax forms, and how to save on tax preparation.
Q. How do you determine if a tax form needs to be issued?
A. 1099-INT and 1098 forms are issued based on guidelines established by the IRS. (For example: If the dividends received on all your accounts combine to equal at least $10, you will receive a 1099-INT form.)
Q. Will I receive my tax form(s) in the mail or via Digital Banking?
A. All tax forms will be mailed as well as posted electronically in Digital Banking (Online Banking and the Mobile Banking app).
If you would like to view your form(s) electronically but have not enrolled in Digital Banking, please set up a User ID and password for the new Digital Banking by selecting "Enroll Now" on the Online Banking or Mobile Banking Login/Enroll screen.
Q. Where do I find my tax forms in Digital Banking?
A. In Online Banking, click on “View eStatements” in the Quick Links box. In the Mobile Banking app, tap on the menu icon in the top right corner and scroll down to “eStatements” under Finance Management.
Tax statements are available under the Documents tab as long as you have signed up for eStatements and accepted the electronic disclosure.
Q. Why didn’t I receive a separate 1099-INT for the interest earned on my mortgage escrow account?
A. Mortgage escrow account interest is aggregated with the interest earned on other Credit Union accounts, so there is no need for a separate 1099-INT. Note: CTECU members with mortgage escrow accounts will receive a separate 1099-INT this year. See below for more information.
Q. I had a mortgage with Colonial Savings through CTECU. What do I need to know?
A. Colonial Savings will issue you a Form 1098 for January through June. CFCU will issue you a separate Form 1098 for July through December. If you have an escrow account associated with your mortgage, your Form 1099-INT will be distributed in the same way. Only the CFCU issued forms will be posted in Digital Banking.
Q. For Joint accounts, will both members get tax forms?
A. No. Tax forms are issued based on the Tax Identification Number on the account (typically the “Primary” account holder’s TIN).
Paper tax forms are mailed to the Primary account holder and, similarly, eTax forms are provided in Digital Banking to the Primary account holder. Joint members cannot see eTax forms for Primary account holders unless the Primary account holder is a minor.
Q. Does the Credit Union offer any tax preparation discounts for members?
A. Yes! Get the tax help you need and special member savings with TurboTax® and H&R Block®. Learn more on our Benefits of Membership page or click the banner below to get started.