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Information about your UCCU Tax Forms & Quick-Tips for Filing.

Whether you are filing right now or just staying organized as the year moves along, the following information will help you feel confident when you do file.

Your UCCU Tax Forms – Click on Each to Learn More:

+ Form 1099 / Interest or Dividends Earned
  • When preparing your tax return, you’ll be asked to include the amount of interest or dividends earned on your accounts during the tax year. If your UCCU accounts earned $10 or more in dividends, UCCU will issue you a 1099-INT form.
  • This form will be mailed (postmarked) on or before the 31st of January.
  • The form is available inside of UCCU’s Online Banking prior to it arriving in the mail.
    • An email notification is sent to members enrolled for electronic statements as soon as the forms are available online.
    • Once available, you can access this form online by signing into UCCU’s online banking and clicking on “Statements”.
  • If your account did not earn a minimum of $10 in dividends, a 1099-INT form will not be created for your account for this tax year. You can still view the dividends earned on your account in the Year To Date summary on your UCCU monthly statement for December.

+ Form 1098 / Real Estate Interest Statement
  • When preparing your tax return, you may be able to deduct the amount of interest and points you paid on a mortgage loan. If you paid more than $600 in points and interest on a mortgage loan in the year, you will receive a 1098 Form. Your tax advisor will inform you if you may deduct the amounts reported.
  • When will I receive my 1098 Statement?
    • This form will be mailed (postmarked) on or before the 31st of January.
  • Can I view the 1098 online prior to receiving it in the mail?
    • The form is available inside of UCCU’s Online Banking. Most forms will be available prior to arriving in the mail.
  • Where is the 1098 form located within Online Banking?
    • Once available, you can access this form online by signing into UCCU’s online banking and clicking on “Statements”.
  • Why did I receive more than one 1098 from UCCU?
    • You may receive more than one form 1098 from UCCU. This could occur for a couple of reasons:
      • You paid interest on more than one mortgage or home equity loan with UCCU during the year.
      • You closed a loan with UCCU in the previous year and paid reportable points or interest at closing. Interest and points paid at closing in some cases may be reported on a separate 1098 than the interest paid with your regular payments.
  • My loan was sold after closing, will I get a form 1098 from UCCU or from my new servicer?
    • You will receive a 1098 statement from anyone you paid interest or reportable points to in the previous year that total $600 or more. If you paid interest or points at closing and/or you paid your first payment to UCCU before your loan was sold, you will likely receive a 1098 from both UCCU and your new servicer.
+ Tax Forms for IRAs
  • Fair Market Value / Required Minimum Distribution (FMV / RMD) — The fair market value statement tells you the balance of your IRA as of December 31 of the previous year. For IRA owners who are of Required Minimum Distribution age (72), as well as for IRA beneficiaries, this figure is used in conjunction with the applicable life expectancy to calculate RMD amounts for the year. For instance, the FMV for December 31 of the previous year, is used to calculate the RMD for the current year.
  • Form 1099R — Reports any withdrawals made on your IRA that need to be included in your taxes. This form will be postmarked on or before January 31.
  • Form 5498 — Reports contributions you made in the qualifying period. This form will be postmarked by May 31.

General Guidelines and Quick Tips for Filing

+ Step 1:
  • Gather all of your tax documents
  • W2s – The form from your employer(s) reporting your annual wages and the amount of taxes withheld from your paychecks.
  • 1099s – The form reporting income, whether from work or from investments that are not salaried income. There are many types of Form 1099s, so the income provider will have to send a specific 1099 form, based on the types and sources of income earned, to the taxpayer.
  • 1098s – The form detailing the amount of interest and mortgage-related expenses paid on real estate loans (mortgage) during the tax year. In many cases these expenses may be used as deductions on a U.S. income tax form, Schedule A, which reduces taxable income and the overall amount owed to the IRS. Mortgage lenders are required by the IRS to provide this form to borrowers. If you have questions about whether your interest and mortgage-related expenses qualify as a deduction, please consult a licensed tax professional.
+ Step 2:

Gather all tax donation receipts and other documents to support proof of income and tax deductions

+ Step 3:

Take advantage of UCCU’s partnership with TurboTax Online for access to free and discounted online tax preparation, including help with answers to commonly asked questions. File your taxes electronically in just three easy steps.

  1. Click on TurboTax Online with all your gathered tax documentation in hand, and answer a few easy-to-understand interview questions.
  2. TurboTax Online will review your tax return for money-saving opportunities.
  3. Print the ready-to-file forms for your records, then submit online. It’s that easy! Use UCCU’s routing number, 324377820 and your UCCU account number to have your return direct deposited, or use your UCCU credit or debit card to make a payment if you owe taxes.

More Tax Center links and information: TurboTax Online

Federal: IRS tax website

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