We know that tax season is a busy time for our members, which is why we try to provide as much information as possible about your tax statements. In this article, we will share some of the most common tax statements. We will also explain how you qualify to receive one and break down the information contained in the forms.

Key Takeaways: 

• Amplify will generate 1099 tax statements no later than January 31 of each year.
• Contact our team at (512) 836-5901 or toll-free at (800) 237-5087 if you have additional questions about your tax statements. 

Will I receive a tax statement from Amplify? 

One of the most common questions our members ask is whether they will receive a tax statement for their Amplify accounts. Like any financial institution, our tax documentation is determined by a handful of factors. Below is a list of tax documents as well as their requirements and/or the information they contain.

1098  

The following are the requirements to receive a 1098 tax statement from Amplify:

• You have a mortgage or home equity loan.
• You're the primary borrower on the loan and have a valid tax ID OR you are the only account owner on the loan who has a valid tax ID.
• You paid $600 or more in interest on your mortgage or home equity loan during the applicable tax year. 

The following information is reported on a 1098 tax statement: 

• The amount of interest paid on mortgages, home equity loans, and Home Equity Lines of Credit.
• The amount of property taxes paid year-to-date.

Your 1098 form will be mailed by January 31. If you are registered to receive paperless statements, your tax statement is available in Online Banking -Statements/Notices under the applicable loan account.

1099-C 

The following are the requirements to receive a 1099-C tax statement from Amplify:

• You had $600 or more of a debt cancelled or forgiven, including debt from a personal loan, home equity loan, home equity line of credit (HELOC), or mortgage.

Your 1099-C form will be mailed by January 31. If you are registered to receive paperless statements, your tax statement is available in Online Banking under Statements/Notices.

1099-INT 

The following are the requirements to receive a 1099-INT tax statement from Amplify:

• You have a deposit account -- Savings, Checking, Money Market, Certificates of Deposit.
• You're the primary account holder on the account and have a valid tax ID OR you are the only account owner on the account who has a valid tax ID.
• You earned a combined total of $10 or more in interest for all your accounts during the relevant tax year -- this includes accounts you may have closed.

The following information is reported on a 1099-INT tax statement:

• All interest income that is not already reported on other forms should be reported.
• You should report $10 of interest earned or at least $600 of interest paid in the normal course of a trade or business for some instances.

Your 1099-INT form will be mailed by January 31. If you are registered to receive paperless statements, your tax statement is available in Online Banking - Statements/Notices under your membership share account.

1099-MISC

The following are the requirements to receive a 1099-MISC tax statement from Amplify: 

• You received $600 or more in rents, services, prizes and awards, other income payments, or generally, the cash paid from a notional principal contract to an individual, partnership or estate.

The following information is reported on a 1099-MISC tax statement: 

• Report at least $10 or more for royalties or broker payments in lieu of dividends or tax-exempt interest, or $600 or more in rents, services, prizes and awards, cash paid from a notional principal contract to an individual, partnership, or estate, gross proceeds paid to an attorney, and other income payments.

Your 1099-MISC form will be mailed by January 31. If you are registered to receive paperless statements, your tax statement is available in Online Banking under Statements/Notices. 

1099-R 

The following are the requirements to receive a 1099-R tax statement from Amplify:

• You took a distribution from an Individual Retirement Account (IRA) Share or IRA Certificate of Deposit (CD) during the applicable tax year. 

Your 1099-R form will be mailed by January 31. If you are registered to receive paperless statements, your tax statement is available in Online Banking under Statements/Notices.

5498 

The following are the requirements to receive a 5498 tax statement from Amplify:

• You made a contribution, conversion, recharacterization or rollover for an Individual Retirement Account (IRA) Share or IRA Certificate of Deposit during the relevant tax year and/or made a contribution for the relevant tax year between January 1 and the current tax filing deadline without an extension. 

Your 5498 form will be mailed by May 31. If you are registered to receive paperless statements, your tax statement will be available in Online Banking by May 31.

When will I receive my tax statements? 

Amplify is required to mail forms (1098, 1099-C, 1099-DIV, 1099-INT, 1099-OID, and 1099-MISC) by January 31st. If this date falls on a Saturday, Sunday, or legal holiday, Amplify can mail the forms by the next business day (Monday through Friday). 

I am having trouble viewing my tax statements online. What should I do?

Below are a few troubleshooting tips for accessing your tax statements in online banking. 

• If you are not registered for paperless statements, you will not receive a paperless statement, and will therefore not be able to view your statements in Online Banking. You will instead receive paper statements in the mail. The same applies for online tax statements. 
• If you did not meet the minimum amount of interest required for tax reporting ($10 for interest-bearing accounts), a statement will not be generated. You will not have a statement available for viewing online.  
• Tax information for all sub-accounts under the same member number (Savings, Certificates of Deposit, Money Markets, etc.) is grouped into a single tax statement. If you have multiple account numbers, each account number will have its own tax statement.

If your issue persists, please contact us at (512) 836-5901, or toll-free at (800) 237-5087. You can also send us a secure message via online banking or chat with us.