Year End Tax Information
Disclaimer: Spirit of Alaska FCU does not claim to provide certified tax advice. With the following information, we intend to help our members understand when and where tax forms are issued by the credit union.
By January 31st, Spirit of Alaska FCU distributes to qualified members the tax forms they need for filing. For example, a 1099 is used for sources of income other than salary and wages, and the form differs depending on the type of income earned.
Overview of Tax Forms
- 1099-INT reports income earned through dividend payments (also referred to as interest, hence the acronym INT).
- A 1099R reports any retirement account distributions
- A 1098 tax form details mortgage interest paid to a mortgage loan
- The 1099-SA details distributions from a Health Savings Account.
This informational page will focus on the 1099-INT and 1098 tax forms. If you receive additional tax forms and have questions, please contact our call center at 907-459-5900.
1099- INT Tax Form
Members can potentially receive a 1099-INT for each account they hold at Spirit of Alaska FCU. The account must earn $10 or more in dividends (interest) to receive a 1099-INT form. If multiple accounts earned $10 or more in dividends, a member may receive more than one 1099-INT.
For example, a member may receive a 1099 for a money market, but not a share savings account, depending on how much in dividends was earned for each.
Reporting Requirements for 1099-INT
If we do not send a 1099-INT for an dividend-bearing account, such as a member’s share savings account, it means that less than $10 in dividends was earned.
However, this does not mean any dividends that were earned are excluded from reporting to the IRS, per IRS.gov Topic No. 403. Spirit of Alaska recommends that any and all dividends earned on membership accounts that are taxable should be reported on income taxes. Please contact a tax professional for expert advice.
Interest on bank accounts, money market accounts, certificates of deposit, corporate bonds and deposited insurance dividends – Be aware that certain distributions, commonly referred to as dividends, are actually taxable interest. They include dividends on deposits or on share accounts in cooperative banks, credit unions, domestic building and loan associations, domestic federal savings and loan associations, and mutual savings banks. – IRS Topic No. 403
Joint accounts will receive only one of each applicable form, provided to the primary account holder either through the mail or as an e-statement in e-Teller.
1098 Mortgage Interest Tax Form
Members who paid $600 or more in mortgage interest to the credit union will receive a 1098 form. As a convenience to our business members, the interest paid on all business loans totaling $600 or more is also reported to the IRS. The 1098 is issued to the tax-reported owner of the account.
Accessing Your Year-End Information
Members have access to dividend and interest information through online banking, a statement in the mail or our call center staff. If you qualify to receive a 1099 or 1098, the form will be distributed to you as either an e-Statement or Paper Statement.
Members who have chosen to receive e-Statements will have their qualified tax documents placed in the Statements area of e-Teller.
Members who are experiencing difficulty in accessing and or downloading tax documents through e-Teller, please contact the credit union during business hours at 907-459-5900 and a member service representative will be able to assist.
To access earnings information for accounts that did not qualify for a 1099-INT, follow these steps in e-Teller:
- Login to e-Teller
- Click the dividend-bearing account to access Account Details
- Click “Account Information” in the quick links section
- Refer to the “IntLastYear” line
If you do not have access to e-Teller and need your dividend earnings information, please call our call center during business hours at 907-459-5900.
Paper Statement Users
Members who have chosen to receive paper statements will have their qualified tax documents sent to the address on file for the primary member associated with the account by January 31.
To access earnings information for accounts that did not qualify for a 1099-INT, follow the above steps to find the information in e-Teller, or call our call center during business hours at 907-459-5900.
Spirit of Alaska is now offering a discount on TurboTax to help our members this year. Read More