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Tax Info

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Tax Info

Tax season is upon us!

Gearing up to tackle your taxes? April 15 is the federal tax deadline for individuals and small businesses in 2024.

Below are some of our frequently asked questions--have a question that's not listed? Call us at 1.800.442.2392. We'll not only get your question answered, but look into adding it to this list, too!

Q: Who gets tax statements?

A: Any member who receives $10 or more in dividends a year will receive one.

Q: When do tax statements come out?

A: Digital statements were processed in January 2024, and are currently available through the WyHy Digital app. Hard copy statements will be mailed directly to members by February 1.

NOTE: Not all members will receive tax forms. Please use the table below to determine if you should have received one.

Q: Where can I find my tax statement in WyHy Digital?

A: Tax statements can be found under the eStatement widget. Click Statements, then View eStatements, and there will be a large button called Tax Statements. 

See the below images for reference.

Q: Will year end dividend information still be available if I didn't qualify for a tax statement?

A: Yes. The December statement will include the dividends earned plus loan interest paid at the top of the statement.

Q: Does WyHy FCU offer any help with TurboTax or filing?

A: No. We are not accountants and cannot instruct you on how to file your taxes. However, we can offer a discount on TurboTax products.

Head here for discounts up to $15

Tax form guide

When filing your tax returns, you may need one or more of the following.

Tax Form Guide
Tax form # Purpose Who should receive this form? When will this form be mailed? Etc
1098 Mortgage interest paid All WyHy loans will receive this form regardless of the amount paid. The IRS only requires financial institutions to send out this form on Home Equity/Second Mortgage Loans and RV loans when the interest paid is $600.00 or greater. Deadline for mailing is January 31, 2024. If you qualify but did not receive a 1098, please contact us. NOTE: You will not receive a letter if you did not pay the $600.00 minimum in interest for the tax year.
1099INT Interest earned on all accounts based on the primary SSN (excluding IRA/HSA accounts) Anyone who has earned a total combined interest of $10.00 or greater. Deadline for mailing is January 31, 2024. To find the amount of interest earned for a specific account, please contact us.
1099R Traditional and Roth IRA distributions Any person making a withdrawal from a Traditional or Roth IRA regardless of age. Deadline for mailing is January 31, 2024. We do not send notification to the IRS until the end of February to allow you time to review for corrections, if applicable.
1099SA HSA distributions Any person making a withdrawal from an HSA. Deadline for mailing is January 31, 2024. We do not send notification to IRS until the end of February to allow you time to review for corrections, if applicable.
1099Q Coverdale/Educational IRA distributions Any person making a withdrawal from a Coverdale/ Educational IRA Deadline for mailing is January 31, 2024 We do not send notification to the IRS until the end of February to allow you to review for corrections if applicable.
5498 Contributions to a Traditional and/or Roth IRA Any person who has made a contribution for the prior tax year Deadline for mailing is May 31st. Contributions can be made as late as April 15th of the following year for the prior tax year. Although the Deadline is May 31st, we will mail your form ASAP to allow you time to review for corrections, if applicable.
5498ESA Contributions to a Coverdale or Educational IRA Any person who has made a contribution for the prior tax year. Deadline for mailing is May 31st. Contributions can be made as late as April 15th of the following year for the prior tax year. Although the Deadline is May 31st, we will mail your form ASAP to allow you time to review for corrections, if applicable.
5498SA Contributions to an HSA Any person who has made a contribution for the prior tax year. Deadline for mailing is May 31st. Contributions can be made as late as April 15th of the following year for the prior tax year. Although the Deadline is May 31st, we will mail your form ASAP to allow you time to review for corrections, if applicable.

If you need any additional information, please contact the WyHy Call Center at 1.800.442.2392.

Happy tax filing!
-Your friends at WyHy FCU