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Tax Statement FAQs

Will I receive a tax statement?

You'll receive a 1099-INT tax form if:

  • You have a deposit account -- Savings, Checking, Money Market, Certificates of Deposit.
  • You're the primary account holder on the account.
  • 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.
  • 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.

You'll receive a 1098 tax form if:

  • You have a Mortgage or Home Equity Loan.
  • You're the primary account holder on the account.
  • You paid $600 or more in interest on your Mortgage or Home Equity Loan during the applicable tax year.
  • 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.

You'll receive a 1099-R tax form if:

  • 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.

You'll receive a 1099-C tax form if:

  • You had $600 or more of a Home Equity Loan, Home Equity Line of Credit (HELOC), or Mortgage cancelled or forgiven.
  • Your 1098-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.

You'll receive a 1099-MISC tax form if:

  • 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.
  • 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.

You'll receive a 5498 form if:

  • 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 January 31.

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

Check the following tips for viewing paperless Statements and online tax statements. 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.

  • 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), you will not be able to view an online tax statement for that year.
  • 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.

Tax Reporting and Withholding Information

 

When will I receive my 1099 form?

Amplify is required to mail forms (1099-B, 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).

What is reported on tax forms?

1099-DIV

  • Distributions, such as ordinary dividends, qualified dividends, capital gain distributions, or nontaxable distributions that were paid on stocks, and liquidation distributions.
  • Only amounts of $10 or more for distributions paid on stock, or $600 or more for liquidations are required to be reported on the forms.
  • If there was any withholding on distributions normally reported on the 1099-DIV, it needs to be reported regardless of the amount.

1099-INT

  • 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.

1098

  • Reports the amount of interest paid on Home Equity Loans and Home Equity Lines of Credit.

1099-OID

  • Original issue discount is reported
  • OID is the excess of an obligation’s stated redemption price at maturity over its issue price
  • $10 or more should be reported

1099-MISC

  • 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.