Navigating the tax landscape doesn't have to be a challenge, we're here to help! Explore our collection of frequently asked questions to equip yourself with the knowledge needed to make informed financial decisions this tax season.
Do all members receive a tax form?
Not all account holders will receive a tax form. If dividends earned are less than $10, or mortgage interest paid is less than $10, you will not be issued a form.
Where can I find my amount of earned dividends?
If you qualify to receive a tax form (see question above), your earned dividends will be on your 1099-INT tax form. Otherwise, you may view dividends earned and/or interest paid on your December year-end statement and in online banking. To view in online banking, click on the account type from the summary screen or dashboard (e.g. Share Savings or 15-Year Fixed). When the history screen appears, you will see a summary of dividends or interest at the top of the section. The 2023 amounts showing in online banking and/or your statement can be used to begin your taxes.
What tax forms should I expect to receive?
Forms you may be issued, depending on whether you have a share, loan or retirement account at JHFCU, include:
- Form 1098 – Mortgage interest paid
- Form 1099-INT – Dividends earned
- Form 1099-R – Retirement distributions
- Form 1099-Q – Distributions from Coverdell Education Savings Accounts
- Form 5498 – IRA fair market value and contributions
When will I be able to access my tax forms online?
Your tax forms will be available to view online by January 31st of each year. 2023 forms are available in online and mobile banking. You must be enrolled in e-statements through online banking to view your forms. An email will be sent to the email address on file when the tax forms are viewable in online and mobile banking.
Please note, if you are already enrolled in e-statements, you will not receive a paper form (excluding retirement accounts, which will be mailed and also available to view online).
How do I sign up for e-statements?
Log in to your account, select the Online Services tab, then click E-Statements.
Not enrolled in Online Banking yet? Get started today! You will be able to see your tax forms online as soon as you opt in for e-statements.
How do I access my tax documents through Online Banking?
Once logged into your account, press the Accounts dropdown tab, then E-Statements and Tax Forms.
How do I access my tax documents through Mobile Banking?
Once logged into the app, click the Menu button in the top left corner, and scroll down until you see eStatements | Tax Forms.
Can I download and/or print my online tax form?
Yes, you can download and save or print your forms in PDF format for your records.
If I think my tax form is wrong, what do I do?
Contact us at 410-534-4500 or 1-800-543-2870 or send a Secured Message in Online Banking. Please do not send any account information in general email.
How long are tax forms available online?
Tax forms are available to members for 2 years.
Why am I receiving a 1099-INT instead of a 1099-DIV when my statement says "dividends"?
Our members receive a 1099-INT instead of a 1099-DIV because dividends paid by a credit union are the equivalent of interest paid by a bank. A 1099-DIV is issued when a person owns stock in a publicly traded company that’s owned by stockholders
When will my IRA contribution document be distributed?
Since contributions for the previous tax year can be made up until the tax filing deadline, the IRS 5498 form will be mailed by May 31st each year.