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Tax FAQs

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.

 1099-INT1099-R1099-SA1099-Q1042-S
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, 2020. Postmarked no later than March 15, 2020.
Who gets the tax document?Members who receive over $10.00 in dividends. If you have more than one account listed under your social security number (SSN), we will aggregate all of your interest and report it under your lowest account number.

Members who receive a distribution from a tax-qualified account (IRA, Roth, SEP).1

 

Members who receive a distribution from a Health Savings Account (HSA) account.

Members who receive a distribution from an ESA account.2

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.

 
1Members 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.

2Members 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.

 54985498-SA5498-ESA
Purpose of the tax document.Reports tax qualified contributions, rollover contributions and fair market value (Dec 31st balance) of IRA, ROTH, SEP IRAs.Reports contributions, rollover contributions and fair market value (Dec 31st balance) of Health Savings Accounts (HSAs).Reports contributions, rollover contributions and fair market value (Dec 31st balance) of Education Savings Accounts (ESAs).
When is the tax document issued?NASA Federal and other financial institutions must postmark this document no later than May 31, 2020.NASA Federal and other financial institutions must postmark this document no later than April 30, 2020.
Why isn’t this tax document issued earlier if it is necessary for taxes?

These tax documents report contributions. Since the IRS allows members to make PRIOR YEAR contributions up to and including the tax return due date, we cannot issue the document prior to the close of the tax year. These forms are for informational purposes only and are sent to both the IRS and the account holder. Please verify the information reported and maintain in your tax files.

Who gets the tax document?Members who make contributions to tax qualified accounts (IRA, ROTH, SEP IRAs) and/or members who rollover assets from a Qualified Plan, i.e. 401k and/or took possession of IRA funds (for movement or spending) and then returned those funds to a like IRA within 60 days.3Members who make contributions and/or rollover contributions to Health Savings Accounts.3 Members who make contributions and/or rollover contributions to Education Savings Accounts.3
How do I receive/ retrieve the form?Members can view their tax documents by 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.
Where is the contribution
information located?
Members may refer to their statements for current year and previous year reporting prior to receiving this document.


3If neither contributions or rollovers apply, the document also reports the balance as of the prior year (Dec 31st).

 10981099-A1099-C1099-INT1099-MISC
Purpose of the tax document.Reports Interest, Late Charges, Points, Private Mortgage Insurance (PMI), and Mortgage Insurance Premiums (MIP).Reports to the IRS property acquired by NASA Federal or notes property has been abandoned, when the
property was security for a debt.
Reports to the IRS when NASA Federal canceled a debt owed in the amount of
$600 or more.
Reports interest income from escrow account.Reports all income paid to Vendors.
When is the tax document issued?NASA Federal and other financial institutions must postmark this document no later than January 31, 2020.
Who gets the tax document?Members that have paid any of the above interest/fees to their first or second mortgage.

Members (individual, corporation, LLC, Trust, etc.) that was liable for the debt at the time the debt
was originated.

Members (individual, corporation, LLC, Trust, etc.) that was liable for the debt at the time the debt
was originated.

Members that received interest income on their escrow account balance.

NASA Federal reports all income paid over $600.
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.

 

Please consult a competent tax advisor or visit www.irs.gov for any tax related questions.

Confidential information such as account numbers and social security numbers should not be sent by email for security reasons. Instead, please contact us directly at 1-888-NASA-FCU, send us a secure message through eBranch Online Banking or Mobile Banking, or visit your nearest branch.

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