Tax Forms You Need To Know

The tax season is upon us and that means  paperwork flooding your mailbox. What are all of these forms and what do they mean? In this blog, we are going to go over the basics so that you are prepared no matter how you will be filing your tax returns this year.

Deposit Accounts

If you accrued $10 or more in interest for a deposit account (checking, savings, term certificate, money market), then you will receive a 1099-INT form. If you received a distribution of any amount from an Individual Retirement Account (IRA), you will receive a 1099-R form. If you contributed to an IRA account in the previous year, you will receive a 5498 form. The primary account owner of these account types will receive the form. A joint account owner will not. A term certificate that is still accruing interest and did not pay out any amount of interest during the year will not receive a 1099-INT.

Mortgage Accounts

If you had a mortgage, home equity loan, or home equity line of credit and you paid more than $600 in interest the previous year, you will receive a 1098 form for each loan. A recreational vehicle (RV) will not receive a 1098 form since it is considered a consumer loan. A business mortgage will also not receive a 1098 form.

Consumer Loan Accounts

You will not receive a 1098 form consumer loans, but you can find the interest paid for the prior year under Account Details in online and mobile banking. 

Credit Cards

You will not receive a tax form for your credit card, however, you will receive a year-end summary of charges. This will be useful if you need to itemize expenses from throughout the year.

All tax forms are provided, as applicable, and mailed no later than January 31 every year. Tax forms for the prior year can be found in online and mobile banking in February. Log in to your account and select Statements and Tax Forms.