We want to help make doing your 2016 taxes a simple process. For members, see below to learn which tax forms you may be receiving from us and when.
Individuals have until April 18, 2017 to file a 2016 income tax return (Form 1040, 1040A, or 1040EZ) and pay any tax due.
Contribution limits for Traditional and Roth IRAs – no changes for 2017
Contribution limits for Health Savings Accounts – see changes for 2017
Below is a convenient list of common IRS tax forms you may be receiving from VyStar based on your financial situation or accounts you hold with us.
If a member made a Coverdell Education Savings IRA contribution or rollover in 2016, they will receive a 5498-ESA Form by January 31, as required by the IRS.
Members have until April 18th to make prior year (2016) Education IRA (Coverdell Education Savings) contributions.
Contributions for 2017 may start on January 1, 2017.
The “2016 tax year” ends April 18th.
Members will receive another 5498-ESA Form in May 2017 only if they have made a contribution to their Coverdell Education Savings IRA for tax year 2016 during the period of January 1 through April 18, 2017.
No. VyStar’s Money Market accounts are “savings accounts” and should not be misunderstood as a money market investment account.