A Change in VSECU 1099-INT Tax Form Distribution

1099 article

This year, 1099-INT forms were sent for each VSECU deposit account, rather than in one consolidated form. Due to a processing change this year, you will receive one 1099-INT form for each deposit account, rather than one consolidated form.

Form 1099-INT reports interest earned on deposit accounts and savings bonds, excluding IRA dividends. 1099-INT forms are only sent out if the interest earnings for all deposit accounts are $10 or more for the tax year. VSECU does not send form 1099 to businesses that have deposit accounts and report income under a business tax identification number.

Members should give all 1099-INT forms received to their tax professional for filing this year. At this time, VSECU is not able to process tax forms differently based on member preference.

If you have any questions about your taxes or filing, please contact a professional tax advisor. If you haven’t received your tax forms, or have questions about your VSECU account, you may contact a Member Service Consultant at 1-800-371-5162.