When tax season rolls around, we know you'll have lots of questions. Read on below to learn when to expect and how to find your tax statement, how to get your tax refund direct deposited into you iTHINK Financial account, and how to get a discount on filing your taxes with TurboTax.
Looking for your 2021 Tax Statement? Here's what you need to know:
The IRS requires that 1099 statements be postmarked by 1/31 of each year. 1099's and 1098's will be mailed to Members who receive paper statements by January 31, 2022. Members registered for eStatements will be sent an email notification that their Tax Statement is available inside Online Banking by January 31, 2022.
Once available, ALL Members can retrieve their tax statements in Online or Mobile Banking by selecting "View Statement" from the slider menu (3 horizontal lines on the upper left of the screen).
IRA 1099SA’s are mailed by TruStage™ and are not available in Online Banking.
Dividends earned totaling less than $10.00 for deposit accounts (EXCLUDING IRA'S) are not reported to the IRS and a 1099 statement is not generated.
1098 Mortgage Interest statements will be available inside Online Banking and mailed copies will be sent out to members on or before January 31, 2022. Interest paid of less than $600.00 on any first or second mortgage is not reported to the IRS and a 1098 statement is not generated. However, you can still claim this interest paid on your taxes. This information can be found on your last monthly statement for the year under Year To Date Summary.
If you expect a refund when you file your federal taxes, the IRS makes it easy for you to directly deposit these funds into your iTHINK Financial accounts. According to the IRS, you’ll get your refund up to 3 weeks earlier than by mail. It’s safer (can’t be lost or stolen), easier, and you get to use the money faster.
You can split your refund among up to three accounts with direct deposit! Your federal tax refund can be deposited into one, two, or three bank accounts. You can even deposit your refund into an individual retirement account (IRA)!
To direct deposit your refund into only one account, go to the Refund section of your tax return (such as Form 1040) and fill in the information as indicated below.
If you want your federal refund deposited into two or three accounts, download IRS Form 8888 and complete it with the account information as indicated below. Submit this form along with your tax return to indicate how you want your refunds to be split. You do not need to split your refund evenly among the accounts.
Please double check to make sure the routing number and account numbers you enter are accurate to avoid losing your refund.
Direct Deposit to your iTHINK Financial Checking or Money Market Account
Enter the second set of numbers located on the bottom of your check. Do not include the check #.
Direct Deposit to your iTHINK Financial Primary Savings Account
Enter your iTHINK Financial Membership Number
Save on TurboTax® and H&R Block® This Tax Season
Get the tax help you need and special member savings with TurboTax and H&R Block:
TurboTax - File with the #1 best-selling tax software, to help you get your taxes done right, and get your maximum refund, guaranteed. PLUS, as a credit union member you can save up to $15 when you file with TurboTax. Get started with TurboTax today!
H&R Block – Whether you want to meet with a tax pro in-office, via drop off, or send your documents virtually, let the tax pros do the rest. H&R Block will always get your biggest possible refund, guaranteed. PLUS, as a credit union member first-time filers receive $25 off their expert tax prep, and returning customers get the Tax Identity Shield® add-on. Get your H&R Block coupon now and save!