Your Tax Document Guide for Tax Season

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Tax Documents

In a world of uncertainty, there’s one event that is guaranteed, and that’s tax season. April 15 is just around the corner, which means you’ll need to ensure your personal information is up to date, gather tax documents, and figure out which tax documents are necessary. This process can be a bit overwhelming, which is why Partners is here to help prepare you as best we can by providing some important information and answering any questions you may have.

First, double-check the address you have listed with your employer and with your financial institution(s). Tax documents associated with your loans and/or financial accounts, are most likely available online. However, in case they are mailed, you want to ensure they make their way to you.

Secondly, gather your income information. This will consist of W2’s if employed through an employer, or 1099 forms (which could vary depending upon income that’s received from self-employment or interest-bearing accounts).

Finally, gather any documents that may help your deductions. These forms are important as they can help lower your taxable income or reduce the amount you may have to pay in taxes, which could increase your chances of getting a refund. Most financial institutions have made tax documents accessible through online banking, but you may also be receiving some documents by mail. Keep in mind that all tax documents will be mailed to the address on file for various accounts, and most documents will be postmarked by January 31, 2024. Please note that Partners representatives are not tax advisors and cannot give advice on how to file taxes. Please consult your tax advisor/consultant for assistance with your filings.

Here’s a breakdown for when, how, and why you may be receiving the following tax documents:

Mortgage 1098 Forms

Whether you have or had a First Mortgage, Second Mortgage (Home Equity Loan), or a Home Equity Line of Credit and you paid more than $600 in interest on those loans in 2023, you will be receiving a 1098 form for each loan. To access and print your 1098 form(s), please log into your Partners online account and select your existing mortgage loan. Once your Mortgage Dashboard appears, click on Account Management and then Document Center. Select “Taxes” and your tax document will be ready to view and/or download.

Deposit Accounts (Savings, Checking, Certificate, Money Market)

If you received more than $10 in interest earned including the $50 New Member Bonus in 2023, you will be receiving a 1099-INT form. IRA (Individual Retirement Account): If you received any distribution of funds from your IRA, you will receive a 1099-R form. If you contributed to an IRA account in 2023, you will receive a 5498 form.

Visa® Credit Card

If you have a Visa Credit Card with Partners, you will receive a year-end summary of charges, which may come in handy if you are itemizing expenses. This is also available to view and download through online banking. Simply select your Visa account, and then “Card Management” on the page that pops up on your screen.

Multiple Memberships

All primary Partners Members will receive one 1099-DIV form that will include all dividends paid for all Memberships where the member is listed as primary if interest earned is more than $10.

All applicable tax forms will be mailed no later than January 31 and most will be available online at that time. To view dividends earned and interest paid for consumer loans, please reference your December statement under Summary of Year to Date Totals.

You can view and download your statements and tax account documents by logging in to your Partners online account today.

For additional questions or further assistance, schedule a virtual appointment.

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