Tax Forms 1098 And 1099 | GOLD Credit Union

2021 Tax Forms

What are 1098 & 1099 Tax Forms?

IRS tax forms report interest paid and earned on your GOLD accounts during the tax year.

1098 tax forms report the amount of interest and mortgage-related expenses paid on an individual real-estate loan. A form is issued if you have paid more than $600 in interest and mortgage-related expenses on an individual real-estate loan in the prior year.

1099 tax forms report the amount of interest received on all interest-bearing accounts. A form is issued if $10 or more cumulative interest on all accounts was earned in the prior year.

When will I receive my form(s) from GOLD?

If you're enrolled in eStatements, you'll receive an email notification on January 20, 2022 letting you know your tax forms are available to view, download, or print in GOLD Online Banking. If you receive paper statements, your tax forms will be mailed. They will be postmarked by January 19, 2022, and mailed to your address on file.

Don't Want to Wait?

Are you an early filer who hates to wait? Self-serve options let you find your 2021 tax info early through GOLD Online Banking or your December account statements which will arrive before your official tax forms. If you are primary on more than one account, you may receive more than one tax form. Be sure that you have received all your tax forms, by mail or eStatements as applicable, before you file your taxes.

GOLD Online Banking

It's easy and convenient to look up your interest-earned tax information in GOLD Online Banking. 2021 information will be available starting January 1. Follow these step-by-step instructions:

1. Log into your GOLD Online Banking account with your username and password.

2. Once you're logged into your account, make sure the eGOLD tab is highlighted purple. Then, on the grey bar, click "Account Info.”

3. From there, your account information will appear. Please select each individual account you'd like to view from the dropdown menu. If you are primary on more than one account, you will need to log into each account separately to see any applicable tax information.

4. After you've selected the account you'd like to view, your current account information will pop up, which is where you'll be able to see the dividends paid in the previous year. For example, below is a sample of what to look for:

December Statements

Whether you have eStatements or get paper statements in the mail, they'll arrive before official 1098 and 1099 tax forms do, but contain the tax info you need. Your December Member Statement will show year-to-date summaries for all your accounts, including interest paid and interest earned. Look for the MEMBERSHIP SUMMARY found on the first page of your statement. For interest earned, look for "Dividend Earned YTD" listed under deposit accounts. For interest paid, look for "Finance Charges YTD" listed on loan accounts. These sections are highlighted on the sample statement snippet shown below.

IRS 1098 Tax Forms

This form details the amount of interest and mortgage-related expenses you've paid to us during the tax year. You'll use the numbers reported on this form as you prepare your taxes. The 1098 form will not be generated by us if you've paid less than $600 interest on an individual loan in the prior tax year.

IRS 1099 Forms

This form details the amount of interest paid to you on all deposit accounts – saving, checking, or IRA accounts – with GOLD Credit Union during the tax year. Just like the 1098, you'll use the numbers reported on this form as you prepare your taxes.

The 1099 form will not be generated by us if you've earned less than $10 interest cumulative on accounts on which you're the primary account holder. If you don't meet the threshold to have a 1099 form generated for you, but you'd like to know the amount of interest earned, you can get that information through GOLD Online Banking. Just click the "Account Info" tab, select an account from the dropdown, and you'll see the amount earned next to the "Dividends Paid Last Yr" line.

Need help?

We're here to talk you through it!
Speak with a Member Service Representative at 484-223-4200.