Tax FAQs
| 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, 2025. | ||||
| 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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