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.
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).
Member tax documents reportable in your name and social security number (SSN) will be displayed under your own profile by logging into Online Banking, but will not be visible to joint owners.
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.
| 5498 | 5498-SA | 5498-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, 2024. | NASA Federal and other financial institutions must postmark this document no later than April 30, 2024. | |
| 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.4 | Members who make contributions and/or rollover contributions to Health Savings Accounts.4 | Members who make contributions and/or rollover contributions to Education Savings Accounts.4 |
| How do I receive/ retrieve the form? | Members can view their tax documents when logging into Online Banking. From Browser: Select "Accounts" and then "Statements." From the Mobile App: Select "More" and then "Accounts." 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. | ||
4If neither contributions or rollovers apply, the document also reports the balance as of the prior year (Dec 31st).
| 1098 | 1099-A | 1099-C | 1099-INT | 1099-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, 2024. | ||||
| 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 | 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? | Members can view their tax documents when logging into Online Banking. From Browser: Select "Accounts" and then "Statements." From the Mobile App: Select "More" and then "Accounts." 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.
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