Which tax forms will I receive?

Financial institutions issue tax forms to help you report interest, dividends and other taxable income to the IRS. We’ll automatically send you the tax forms required for your WSECU accounts every year. Here are some of the different forms we provide and when you should expect to receive them.

Common tax forms

If you earn $10.00 or more in dividends on your accounts in a calendar year, you’ll receive one of the following forms by mail in January. They are also available in Online Banking for those enrolled in eStatements.

Used to report interest earned from various sources including savings accounts, bonds and other interest-earning accounts. If you receive a 1099-INT, you must report this income on your tax return.

Used to report investment income including dividends and capital gains distributions from stocks and mutual funds. The IRS also receives a copy of each 1099-DIV to track a person’s taxable investment income.

Used to report distributions from retirement accounts including IRAs, pensions, annuities and profit-sharing plans. The form indicates whether the distribution is taxable and helps you report this income on your tax return.

Used to notify a borrower how much interest they have paid in one year on a qualified home mortgage. You should receive a 1098 by January 31 if you have paid more than $600 in interest. You are likely to claim the interest as a deduction if you itemize your tax return.

Used to report canceled debt if a federal government agency or financial entity has canceled a debt of $600 or more that you owe, which may be considered taxable income.

Used to report distributions from a health savings account (HSA), Archer medical savings account (Archer MSA), or Medicare Advantage medical savings account (MA MSA).

Used to report distributions from two types of education and savings plans: 529 Plans and Coverdell Education Savings Accounts (ESAs).

An informational tax document used to report IRA contributions, rollovers, Roth conversions and required minimum distributions (RMDs). It is not filed with your tax return but should be kept with your tax records.

Good to know

No tax forms are issued for interest paid on vehicle loans. The interest you paid for the previous year will appear on your December or January statement. Depending on your personal circumstances, this interest may be tax deductible. Be sure to check with your tax advisor.

Mortgage-related tax statements are only sent by mail and are not available in Online Banking.

When and where will my forms be available?

Tax forms are available in Statements & Documents within Online Banking. If you’re enrolled in eStatements, your forms will be ready in early January.

All members will receive their tax forms by mail in January.