Taxes can be a daunting task but we're here to help.
Below are some Frequently Asked Questions for some tax forms you may encounter.
|Purpose of the tax document.||Reports interest/dividend income from non-qualified (non-IRA) accounts.||Reports distributions from tax-qualified accounts (IRA, Roth, SEP).||Reports distributions from Health Savings Accounts (HSAs).||Reports interest/dividend income from Coverdell Education Savings Accounts (ESAs).||Reports interest/dividend income to non-resident aliens and non-U.S. citizens.|
|When is the tax document issued?||NASA Federal and other financial Institutions must postmark this document no later than January 31, 2023. ||Postmarked no later than March 15, 2023.|
|Who gets the tax document?||Members who receive $10.00 or more in dividends. If you have more than one account listed under your social security number (SSN), we will aggregate all of your dividends and report it under your lowest account number.1
Members who receive a distribution from a tax-qualified account (IRA, Roth, SEP).2
|Members who receive a distribution from a Health Savings Account (HSA) account.2|
Members who receive a distribution from an ESA account.3
|Non-permanent residents who reside in the United States temporarily and/or have maintained accounts after returning to their permanent foreign address.|
|How do I receive/ retrieve the form? ||All members can view their tax documents when logging into eBranch and selecting Statements from the top navigation. Members who are NOT enrolled in eStatements will also receive their tax documents by standard mail.|
1For example: If account number 111 earned $12.50 and account number 2222 earned $36.10, the tax document will reflect $48.60 in total dividends for the account owner (primary SSN) and reference account number 111 (lowest account number).
2Members who received these funds (made payable to them) and subsequently rolled them over to another tax-qualified account (at another institution) are required to receive this form to report the transaction. For more information on rollovers, please visit irs.gov.
3Members who received these funds (made payable to them) and subsequently rolled them over to another Coverdell ESA (at another institution) are required to receive this form to report the transaction. For more information on rollovers, please visit irs.gov.