All 2013 VSECU tax forms will be mailed to members in January. If you are enrolled in e-Statements, you will be sent an e-mail notifying you that your electronic tax form is available and can be accessed through your Online Banking account (under the ‘Statements’ tab). If you are receiving monthly paper statements, your 2013 tax forms will be sent to the address we have on file. For further details regarding 2013 VSECU tax forms, see the information below:
NOTE: These tax forms are issued by the IRS and may be used for other reporting purposes in other circumstances. The list below describes only how VSECU uses the forms to report to you.
Form 1098 reports mortgage interest you have paid to the credit union. There will be one 1098 for each mortgage loan for which $600 or more in interest was paid in tax year 2013. This includes all home equity loans and lines of credit. Please note, points paid on a refinance will not show on this form. Only points attributable to a purchase of a home are reportable. You will want to seek the advice of a tax professional to determine if points paid on a refinance are deductible. These points show on your settlement statement.
Members with Business Real Estate loans will not receive a 1098 from VSECU.
Form 1099-INT is for interest earned on deposit accounts and savings bonds, excluding IRA dividends. This form would also include amounts awarded by VSECU that exceed $600. There should only be one 1099-INT form for all deposit accounts under each member’s social security number. 1099-INT forms are only sent out if the interest earnings exceed $10 for the tax year.
Businesses with deposit accounts who report income under a business tax identification number will not receive a 1099 from VSECU.
Form 1099-A reports certain losses associated with a foreclosure.
Form 1099-C reports certain losses and cancellation of debt.
Form 1099-MISC reports amounts paid to outside contractors by VSECU and some awards exceeding $600, including but not limited to, awards paid to Student LIFT recipients.
Form 1099-Q shows all distributions from Coverdell Educational IRA’s.
Form 1099-R shows all IRA distributions, including regular and premature distributions.
Form 1099-S is for proceeds from the sale of real estate.
Form 5498 reports all contributions to IRA’s and reports the fair market value as of the end of the year. These forms will go out in May because you have until 4/15/14 to contribute for tax year 2013 to a traditional IRA.
Questions or Concerns? Contact Us.
If you feel you are missing a form please contact a Member Service Consultant at 1-800-371-5162. Please note, Member Service Consultants are not tax professionals or certified financial advisers and cannot answer tax reporting, preparation or filing questions.