Tax season is here! Read more to learn about the process, how to access your form(s), and how to save on tax preparation.
Please Note: Chevron Federal Credit Union is the parent organization of Spectrum Credit Union. Tax return documents for Spectrum Credit Union accounts are issued by Chevron Federal Credit Union.
Q. Will I receive my tax form(s) in the mail or via Digital Banking?
A. All tax forms will be mailed as well as posted electronically in Digital Banking (Online Banking and the Mobile Banking app).
If you would like to view your form(s) electronically but have not enrolled in Digital Banking, please set up a User ID and password by selecting Enroll Now on the Online Banking or Mobile Banking Login/Enroll screen.
Q. When will I receive my tax form(s)?
A. Credit Union tax forms will be mailed and posted in Digital Banking by January 31.
Q. Where do I find my tax form(s) in Digital Banking?
A. In Online Banking, click View eStatements in the Quick Links box. In the Mobile Banking app, tap the menu icon in the top right corner and scroll down to eStatements under Finance Management.
Tax statements are available under the Documents tab as long as you have signed up for eStatements and accepted the electronic disclosure.
Q. How do you determine if a tax form needs to be issued?
A. 1099-INT and 1098 forms are issued based on guidelines established by the IRS. (For example: If the dividends received on all your accounts combine to equal at least $10, you will receive a 1099-INT form.)
Q. Why didn’t I receive a separate 1099-INT for the interest earned on my mortgage escrow account?
A. Mortgage escrow account interest is aggregated with the interest earned on other Credit Union accounts, so there is no need for a separate 1099-INT.
Q. For Joint accounts, will both members get tax forms?
A. No. Tax forms are issued based on the Tax Identification Number on the account (typically the Primary account holder’s TIN).
Tax forms are mailed to and posted in the Digital Banking account of the Primary account holder. Joint members cannot see tax forms for Primary account holders unless the Primary account holder is a minor.
Q. Does the Credit Union offer any tax preparation discounts for members?
A. Yes! Get the tax help you need and special member savings with TurboTax® and H&R Block®. Learn more on our Member Perks page or click the banner below to get started.
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