GTE Financial tax documents will be available in Online Banking by January 31, for all accounts that require documentation for tax purposes.
- To retrieve your documents, visit the Tax Documents section when logged into Online Banking.
- All members who receive eStatements will only receive these documents electronically via Online Banking.
- As soon as your documents are available for download in Online Banking, you will receive a message the next time you log in.
- For members who currently receive paper statements, we will be mailing copies beginning January 16 through January 31, but your documents will also be available electronically in Online Banking.
- You should receive the mailed paper documents no later than February 13.
The following tax documents are included:
Dividend Income greater than $9.99 earned on share, share draft, share certificate, money market, and mortgage escrow accounts (combined
by primary account holder social security number).
Distributions from IRAs (Traditional, Roth, SEP)
Distributions from Coverdell Education IRAs
Distributions from HSAs (Health Savings Accounts)
Cancellation of Debt (charge-offs)
Mortgage Interest paid on a mortgage loan or mobile home consumer loan
Please Note the Following:
- 1099-INTs are only issued to primary account holders who earned $10 or more in dividends on their account(s).
- Account holders with multiple accounts will receive one (1) 1099-INT that consolidates their dividends on share accounts, and separate 1099-INTs for each escrow share account.
- 1099-Rs are issued for each IRA Plan and 1099-SAs are issued for each HSA Plan that had a distribution in the prior calendar year. The account number referenced on the tax document is the IRA or HSA Plan number, which is the umbrella for your accounts
and is used for reporting purposes only.
- 5498 documents to report IRA contributions made into an IRA and 5498-SA documents to report HSA contributions into an HAS will not be issued until after April 15 for the prior year.
The form 5498 is used for the following:
- Form 5498 reports IRA contributions to a Roth or Traditional IRA for the previous tax year
- It also reports the "Fair Market Value" of the individual IRA suffix that the contribution was applied to. The "Fair Market Value" presents the balance as of December 31st
- Financial institutions have until May 31st to mail this form to any IRA holder that made a contribution for previous tax year
- The forms will be available on Online Banking listed under "Tax Documents"
The form is mailed later than the actual tax-year due date for the following reasons:
- IRA contributions for the previous tax year can be made until April 15th of the following year
- The IRS gives financial institutions until May 31st to get all the reporting done correctly or to sort out any errors in reporting
- Form 5498 is not required to be filed with the tax return, but it is recommended that members receiving the form file it with their copy of the tax return
If you have any questions, please visit any Community Financial Center or contact Member Care at 813.871.2690 or toll-free at 1.888.871.2690.
*A 1099-INT form will only be available if more than $9.99 was earned for the entire year. The IRS does not require that you report dividends earned under $10.00 for the year.