Tax Season Is Here!
Things you need to know about your credit union tax forms

January 23, 2017 marks the official start of tax season in the U.S. This year, the IRS expects around 150 million Americans to file their annual tax returns. If you're lucky, you're among those expecting a hefty refund, and you are hoping to get your return filed as quickly as possible.

As an ACU member, your tax forms will be mailed out by January 31, with a few exceptions (noted below). If you're looking for your tax forms or have a question, the answers are here:

ACU Tax Form Facts:.

  • All members who earned more than $10 in dividends, including account opening bonuses, will receive a 1099-INT. If you did not earn more than $10 in dividends this year, ACU will not report your earnings to the IRS and you will not receive a 1099-INT.
  • Health Savings Account owners who took distributions from their account in 2016 will receive a 1099-SA.
  • IRA owners who withdrew money from their IRA will receive form 1099-R.
  • If you have a first mortgage or home equity loan with the credit union and you paid over $600 in mortgage interest, we will report your interest paid to the IRS and you will receive a 1098.
  • If you contributed to an ACU Health Savings Account in 2016, you will receive a 5498-SA. However, HSAs can accept contributions for tax year 2016 as late as April 18, 2017. If you make a contribution for tax year 2016 after you receive your 5498-SA, we will generate and file a corrected form before the IRS deadline of May 31, 2017.


Find Your Information Without Waiting on Forms:
If you don't want to wait on your tax forms, you can access most of your most important data by logging into Internet Teller. For share/savings type accounts, just click on the account name in the Account Center as if you were viewing your transactions. At the top of the screen, you will see "2016 Dividends". Remember you must have received $10 or more in dividends among all of your savings/checking/club/CD accounts in order to receive a 1099-INT.

If you joined ACU in 2016 and received $5.00 to open your account, that amount is considered interest and will be reported to the IRS if it brings your total over the $10.00 reportable limit.

For loan accounts, your 2016 interest paid is displayed at the upper-left portion of the transaction page.

If you still have questions about your tax forms, you may contact us via phone or Internet Teller's Communications Center. For questions regarding specific tax details, we encourage you to consult your tax adviser or the IRS website or telephone hotline.



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