IT’S THAT TIME OF YEAR AGAIN… TAX SEASON!
As you start the process of filing your tax return, we wanted to share some helpful tips and information related to your CFCCU account! The IRS will begin accepting tax returns on January 27, 2020. You can file your return earlier, but the IRS will not begin processing them until the 27th.
The deadline for filing your return is April 15, 2020.
CFCCU ROUTING NUMBER
Our routing number is 273972839. Please be sure to use your member number for the fastest electronic posting. If you don’t know your member number, contact us at 319.266.7531 or [email protected].
IMPORTANT TAX DOCUMENTS
1099 INT: For your deposit accounts – sent for any account earning over $10.00 in year-to-date interest for 2019.
1098: For your Mortgage – sent for any mortgage for which you paid mortgage interest over $600.00 to CFCCU.
1099R: For IRA withdrawals – will be mailed from Ascensus, our IRA Administrator.
5498: For your IRA – you can still make contributions for 2019 through April 15, 2020. This tax document will be mailed by 4/30/20.
*Please consult your tax advisor if you have questions*
If you are enrolled in eStatements, your tax documents are available inside Online Banking. Otherwise, you will receive your tax documents in the mail.
OWNERSHIP
The incoming deposit must be in the name of the account owner. CFCCU will not process any signed over checks.
Refund Check – if you receive your check, the first $1,000 will be available pending verification of check and funds. Remaining funds are subject to a hold, generally three (3) business days.
Incoming Deposits (Direct Deposit) – are credited to your account on the date specified by the sender. *Fastest Option*
Refund Card – If your refund card has a VISA or MasterCard logo, we can do a cash advance* for the funds available. Important: your name must be imprinted on the card. *Advances are subject to fees, please see card issuer for details.
Refund Timeframe – the IRS issues most refunds in less than 21 days. However, it is possible for a refund to take longer. If your return has errors, your refund can be delayed. To eliminate errors, consider filing your return online. The e-file software walks you through the steps of filling out the return and does all the math for you.
SPENDING YOUR TAX REFUND
Savings – Now is a great time to start saving for unplanned expenses, vacations, or Christmas. CFCCU offers multiple interest-earning savings accounts to help manage your money.
Car down payment – Many dealers will consider matching your tax refund down payment this time of year. Set some money aside and consider an auto loan with CFCCU.
Payoff high rate debt – Use your return to payoff retail or gas credit cards. Or, refinance high rate debt with a CFCCU consolidation loan (home equity, HELOC, etc.) to save even more.
POTENTIAL SCAMS
CFCCU wants to help you protect yourself and family from scams. Phishing scams are often an unsolicited email or a website that looks like a legitimate site designed to trick users. The scams convince people into providing personal and financial information. Scam emails can arrive to personal and work accounts on computers, phones, and tablets.
It’s important to remember that the IRS never:
- Calls to demand immediate payment using a special payment method (prepaid card, iTunes gift card, or wire).
- Asks a taxpayer to make a payment to a person or organization other than the US Treasury.
- Threatens to immediately bring in local police or other law-enforcement claiming the taxpayer can be arrested for not paying.
- Demands taxes be paid without giving the taxpayer the opportunity to question or appeal the amount owed.
- When in doubt, you can always check the status of your taxes by registering at IRS.gov.
If you receive and IRS-related or tax-themed phishing email, please forward them to [email protected]. You can also report scam letters and phone calls to [email protected].
Head over to our last blog post for fraud protection tips!
