computer with tax papers.computer with tax papers.


Important Information for 2020 Tax Preparation

To aid in your tax preparation, we’ve compiled some of the most frequently asked questions related to tax documents and direct deposit of tax returns here.

 


 

Q. What is the routing number or ABA number for Community First Credit Union?
A. CFCU’s Routing Number for direct deposit of tax returns or withdrawals of tax payments is 275982801.


Q. Where do I find my savings account or checking account number for automatic tax payment withdrawals or depositing my return?

A. The account number can be found on your statements or in Online Banking.

On your statement, you can find your account numbers listed on the right side of the heading for each account. The account number can also be found under the Account Balance Overview section on the first page.
 
In Online banking, you can find the information in the same places listed above on your e-Statement. You can also find account numbers by clicking on the account in the home page widget, then click the Show More Details button.

Screen shot of account number on online banking.

Q. What kind of tax forms will I receive from Community First Credit Union?
A. The two most common type of tax forms you may receive are 1099-INT (reports the dividends/interest earned on deposits in 2020) and/or 1098 (provides information about interest paid on each mortgage loan in 2020.)


Q. When will I receive my forms?
A. Government regulations require that tax information be postmarked by January 31st, however we anticipate delivery well before that date.


Q. How will I receive my forms?
A. Your tax documents will be delivered in the same manner as your monthly statement.

  • If you receive mailed statements, you will receive forms by mail.

  • If you have chosen e-statements, you will receive an email notifying you forms are available to view in Online Banking. The forms will NOT be attached to the email. For instructions where to find the forms in Online Banking, please see below.


Q. Where can I find my forms online?
A. All tax forms can be found under the Services > e-Documents menu. From there, you can choose Tax Forms to view and print your forms.

Desktop:

screen shot of e-documents tab in Online Banking.


If you aren’t signed up for Online Banking or you have having problems accessing your account, please contact us via your preferred method listed in the last question on the page.


Q. Will I receive an individual 1099-INT for each deposit account?
A. No.  You will receive a single form totaling all the dividends you received on your deposit accounts in 2020 for which you are the Tax Reported Owner (TRO). 

  • IMPORTANT NOTE: Tax forms are member-centric, and are displayed within Online Banking only for the person connected to the login credentials.  To view tax forms for other Tax Reported Owners, you must login with that member’s credentials.


Q. Will I receive a separate 1099-INT if I redeemed a bond?
A. If you have other dividends and a bond redemption, interest for both will be combined on a single 1099.  If you have ONLY a bond redemption, the 1099 will reflect only the interest earned on the bond.
 

Q. Why didn’t I receive a 1099-INT?
A. You may not receive a 1099-INT if you earned less than $10 in interest. If you believe you should have received a form, please contact us via your preferred method listed in the last question on the page.
 

Q. What if I only received an online copy and I would like a paper copy?
A. You are able to print copies of your forms yourself through Online Banking. If you need additional assistance, please contact us via your preferred method listed in the last question on the page.
 

Q. Who should I contact if I have questions about my taxes?
A. For specific tax related questions or advice, please consult a tax professional. For questions related to your accounts, please contact us via:

  • Secure Message within Online Banking

  • email to info@communityfirstcu.org

  • phone at 920-830-7200 in the Fox Cities or toll-free at 1-866-273-2328, Monday through Friday, 7am to 6pm and Saturday, 7am to 1pm

  • or visit any branch location


Q. Why does my 1099-R Tax form show my Required Minimum Distribution (RMD) withdrawal if I rolled it over to an IRA?

A. The CARES (Coronavirus Aid, Relief and Economic Security) Act passed in March eliminated the obligation for a 2020 Required Minimum Distribution (RMD) from Traditional, Roth, Simple and inherited IRAs. Members who took a distribution before the March 27 announcement were given the opportunity to redeposit part or all of the funds to their IRA by August 31, 2020.

The 1099-R Tax Form is required to report the full amount of distributions taken from the IRA, regardless of whether or not the funds were re-deposited under the provisions of the CARES Act.

In May, members who took advantage of this one-time rollover will receive a copy of Form 5498 filed by their IRA trustee verifying the rollover to the IRS. Please consult your tax advisor for guidance.