Tax Season FAQs

A Form 1099 is a record of income received from a person or entity other than your employer.

Many people receive a 1099, and several different types of 1099 forms exist, depending on the source of income you earned. If you are a freelancer or independent contractor, you will often get a 1099-MISC or 1099-NEC.

This tax form is generated for retirement accounts that had a reportable withdrawal of $10 or more during the tax filing year. A 1099-R is not necessary for transfers between IRA accounts or between Roth accounts. We send it out by Jan. 31. A copy of the 1099-R is also available in the tax forms section for customers who have registered for online banking access by Dec. 31. 1099-R forms will not reflect non-reportable transfers.

A 1099-INT displays reportable interest that has been paid to checking and savings accounts, as well as certificates of deposit.

A 1099 form displays the amount of income you made for the year as well as its corresponding income category. There are different areas of your tax return to enter the separate types of income. 

If you receive any type of 1099 — check the IRS guidelines to find out if one is applicable to you — they should arrive in your mailbox by mid-February. 

Investment income, interest income, miscellaneous income — for each of these categories and several others — there’s a form for all of them. For example, a 1099-NEC goes to anyone who has received more than $600 in non-employee income, such as gig economy workers and freelancers. 

Taxpayers are responsible for paying the taxes owed on any income during the tax year, even if a 1099 form has not been received. View your account statements to see your amount of interest earned. If the amount earned over the past year is less than $10, you may not receive a 1099 form. If you think you should have received a 1099 form but didn’t, contact us at (884-999-2967)

A W-2 shows the annual wages or employment income that a taxpayer earned from a particular employer during the tax year. Unlike a 1099, a W-2 shows the taxes withheld by the employer from the employee's salary throughout the year.

You can request duplicate 1099-R forms after Jan. 31.

All accounts tied to one taxpayer ID fall under a single 1099 form.

If your tax statement contains any errors, please send us a secure message through our mobile app or website. If it’s a tax question, we may refer you to an accountant or tax professional.

To contribute to your Traditional IRA or Roth IRA, follow these steps: 

1. Log in to online banking, select Support, and then select Secure Forms.

2. Within the Secure Forms page, select IRA Forms, download, and print Form 500, also known as IRA Contribution Instructions.

3. Once you've filled out Form 500, scan, and upload both the form and a copy of your voided, pre-printed check. You can upload these documents using the Upload Your Forms function of the Secure Forms page within online banking.

The annual contribution limit for 2019, 2020, 2021, and 2022 is $6,000, or $7,000 if you're age 50 or older. The annual contribution limit for 2015, 2016, 2017 and 2018 is $5,500, or $6,500 if you're age 50 or older. Your Roth IRA contributions may also be limited based on your filing status and income. See IRA Contribution Limits.

Is my IRA contribution deductible on my tax return?

• If neither you nor your spouse is covered by a retirement plan at work, your deduction is allowed in full.

• For contributions to a traditional IRA, the amount you can deduct may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.

• Roth IRA contributions aren't deductible.

You receive a Fair Market Value statement if you have a balance in your IRA account on Dec. 31. It’s a summary of your account that reports your year-end value. An electronic version of this Year End Statement is available within online banking by Jan. 31 if you registered for access by Dec. 31. Customers not registered for online banking will have the statement mailed no later than Jan. 31.

Form 5498 is informational and generated for retirement accounts with a reportable contribution, rollover, or conversion. The 5498 form will be provided to you in May, if you completed a prior year contribution before the tax filing deadline (as determined by the IRS). However, if the only reportable contribution, rollover, or conversion you made was completed before Dec. 31, you will only receive the Fair Market Value statement that is issued in January and not a 5498 form.

These documents are available in the Tax Forms section within online banking by Jan. 31. You can request duplicate Fair Market Value statements and 1099-R forms after Feb. 15 and Form 5498 after May 31. Fees may apply for duplicate tax forms.

You can contribute to your IRA for a prior year by sending us a check or by ACH, but please ensure you respect the deadlines as explained below:

• By check: Clearly write the tax year on the Contribution Instructions form or in the memo line of the check deposit. The deadline for a prior year contribution is the individual tax return deadline, not including extensions. Only checks in envelopes postmarked by the tax filing due date for individuals will count as prior year contributions.

• By ACH: ACH contributions must be initiated early enough for the credit to reach the retirement account by the tax filing deadline for individuals. ACH instructions and ACH credits received after the tax filing deadline will NOT count toward the prior tax year.

Customers who take a distribution (withdrawal) from a retirement account before reaching the age of 59 ½ may be subject to IRS taxes and penalties.

Your required minimum distribution is the minimum amount you must withdraw from your account each year. You generally must start taking withdrawals from your IRA account when you reach age 72 (70 ½ if you reach 70 ½ before Jan. 1, 2020)

Roth IRAs do not require withdrawals until after the death of the owner.