FAQs at Tax Time

Top five most frequently asked questions

On average, the Member Solutions Center responds to 450-800 calls a day! Wowza! Come January and February, many members have questions regarding their tax forms, statements, and calculating interest. We’ve gathered the top five most frequently asked questions (FAQs) regarding taxes from our Member Solutions Center (MSC). Here they are along with the MSC’s responses:

1. What statements should I expect to receive from MCCU?

1098 – if you paid $600 or more in mortgage interest during the year 

1099–INT – if you received $10 or more in total interest from all CDs and savings accounts 

1099-R – if you have an Individual Retirement Account (IRA) 

1099-SA – if you have a Health Savings Account (HSA) 

Fair Market Value – if you have an Individual Retirement Account (IRA) or a Health Savings Account (HSA)

5498 IRA – if you contributed to your IRA 

5498 HSA – if you contributed to your HSA

Other Loans – no statement is generated for consumer loans. If you have a loan, refer to your December account statement. Each loan will indicate a “Year to Date Interest Charge”.

2. When will I receive my tax forms from MCCU?

Most original paper tax forms from MCCU will be mailed out by January 31st.

1098 – statement is mailed by January 31st

1099 – statement is mailed by January 31st

1099-R – statement is mailed by January 31st

1099-SA – statement is mailed by January 31st

Fair Market Value – statement is mailed  no later than January 31st

5498 IRA – statement is mailed no later than May 31st

5498 HSA – statement is mailed no later than May 31st

Other loans – no statement is generated for consumer loans. If you have a loan, refer to your December account statement. Each loan will indicate a “Year to Date Interest Charge”.

3. Can I view copies of my tax forms online?

Tax forms for HSAs and IRAs are not accessible online. 1098 and 1099 tax forms are available via your MCCU online banking account if they meet the interest requirement. To access, please follow these steps:

1. Log into MCCU online banking 

2. Click on “Accounts”

3. Click on “E-statements” 

4. Click on “View Statements”

4. How can I calculate interest if I don’t get a 1099?

If your total interest is less than $10, you will not receive a 1099. However, you may still view your earned interest by referring to your December account statement. Each checking, savings, and CD will indicate “The Amount of Interest Earned Year to Date”.

5. Whom do I contact if I have questions about my tax forms?

MCCU offers multiple ways for you to contact us for help. Choose the option that works best for you!

Call our Member Solutions Center at (218) 625-8500 or (800) 296-8871

Email us your questions at memberservices@membersccu.org

Visit one of our 12 convenient locations: www.membersccu.org/hours-and-locations

Video Chat (new service!): Do you want in-person assistance without leaving the comfort of your home or office? Try our instant video call: https://www.membersccu.org/video-banking