ETFCU Year-End Tax Forms

Year-End Statements

Members who qualify based on dividends earned or mortgage interest paid will receive separate forms before January 31 for tax-reporting purposes. Those holding IRAs, CESAs, and/or HSAs will receive individual IRS reporting forms. Contact your tax advisor for more information.

Duplicate tax-reporting forms are available for a small fee should you misplace these documents. Contact the Investments Department at (812) 477-9271 or 1-800-800-9271, Ext. 1284, for further information.

Year-End Tax Forms

All year-end tax forms will be sent by Jan. 31, with the exception of the IRA/CESA/HSA contribution forms that will be sent in May.

The various tax form categories include:

Dividends Earned

The IRS requires a 1099-INT notice be sent to members who meet either of the following criteria:

  • Earned $10 or more interest on non-IRA/HSA accounts and/or from the redemption of savings bonds.
  • Experienced backup withholding.

IRA/HSA Distributions

  • 1099-R notices: Report Traditional and Roth IRA distributions, excluding IRA-to-IRA transfers.
  • 1099-Q notices: Report Coverdell Education Savings Accounts distributions.
  • 1099-SA notices: Report Health Savings Account distributions.

Required Minimum Distribution (RMD) Notice

RMD notices report the IRA owner’s 2016 required minimum distributions. A notice will be provided to the IRA owner by January 31 if the member has a Traditional IRA, is on mandatory distribution, or will reach age 70.5 in 2017.

IRA/HSA Contributions (Mailed in May)

Traditional and Roth IRA contributions, excluding IRA-to-IRA transfers, are reported on form 5498. 5498-CESA notices report CESA contributions, and 5498-SA notices report HSA contributions.

Mortgages

Mortgage interest paid is reported on form 1098 for those who paid a minimum of $600 in interest. Form 1099-S reports proceeds from the sale of a home when ETFCU conducts the closing for a new home purchase.