April 15th is just around the corner. Despite everything going on, one thing that remains constant is preparing for tax season. From ensuring your personal information is up to date, gathering tax documents, and figuring out what tax documents you may even need, it can all be a bit overwhelming. That’s why Partners is here to help take the load off by providing some important information and help prepare you as best we can.
First, double check the address you have listed with your employer and with your financial institution(s). Tax documents, such as your W2s and other 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 W2s if employed through an employer, or 1099 forms which can vary depending on if you received income from self-employment or interest-bearing accounts.
Finally, gather any documents that may help your deductions (which can help lower your taxable income or reduce the amount you may have to pay in taxes). 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 the various accounts, and most documents will be postmarked by January 31, 2021. 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 2020, 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.
Documents can be downloaded here
Deposit Accounts (Savings, Checking, Certificate, Money Market): If you received more than $10 in interest earned for 2020, 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 2020, you will receive a 5498 form.
VISA Credit Card: If you have a Visa Credit Card, 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.
Multiple Memberships: All primary 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 31st and most are available online after January 7th. 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.