Member Tax Information

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.  

Note for e-Statement Members

• Members who are enrolled in e-Statements will have access to view their tax forms via Internet Banking.
• The 2016 tax forms will be available to the member as soon as the paper tax forms are mailed in January 2017.  

Upcoming Changes for the Tax Year 2016

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

	2016 - Members have until April 18, 2017 to make their 2016 IRA Contribution.	2017 - Members can start their 2017 contributions starting January 1, 2017
Traditional IRA	$5,500 For members 50+ - $6,500	$5,500 For members 50+ - $6,500
Roth IRA	$5,500 For members 50+ - $6,500	$5,500 For members 50+ - $6,500
Coverdell Education Savings	$2,000	$2,000

Contribution limits for Health Savings Accounts – see changes for 2017

	2016 - Members have until April 18, 2017 to make their 2016 IRA Contribution.	2017 - Members can start their 2017 contributions starting January 1, 2017
	Individual	Family	Individual	Family
Contribution Limit	$3,350 For members 55+ $4,350	$6,750 For members 55+ $7,750	$3,400 For members 55+ $4,400	$6,750 For members 55+ $7,750
Deductible Limits	$1,300	$2,600	$1,300	$2,600
Out-of-Pocket Expenses	$6,550	$13,100	$6,550	$13,100

IRS Tax Forms

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.

Form #	Form Title
RMD Notice	Mail Required Minimum Distribution (RMD) Notice to Traditional IRA Members only (age 70½ and older) – Mailed to Member by January 31
1042-S	Foreign Person’s U.S. Source Income Subject to Withholding (Used for Non-Resident Alien Accounts) – Mailed to Member by March 15.
1098	Mortgage Interest Statement (Used for Mortgage Loan Interest) – Mailed to Member by January 31.
1099-A	Acquisition or Abandonment of Secured Property (Used for Mortgage Accounts) – Mailed to Member by January 31.
1099-C	Cancellation of Debt (Used for all Loan & Deposit Accounts) - Mailed to Member by January 31.
1099-INT	Interest Income (Used for Deposit Accounts, Bonds Records and Escrow Accounts) – Mailed to Member by January 31.
1099-Q	Payments From Qualified Education Program – Under Section 529 and 530 (Used for Coverdell Education IRA Distributions and Fair Market Balance) – Mailed to Member by January 31.
1099-R	Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. (Used for IRA Accounts) – Mailed to Member by January 31.
1099-SA	Distributions From an HSA, Archer MSA, or Medical Advantage MSA (Used for HSA Accounts) – Mailed to Member by January 31.
5498	IRA Contribution Information (Used for IRA Accounts) – Mail to Member by January 31 (If a member makes a prior year IRA contribution between January and April 18th, another 5498 Form will be sent in April.)
5498-ESA	Coverdell ESA Contribution Information (Used for CESA Accounts) – Mailed to Member by January 31 (If a member makes a prior year Coverdell ESA contribution between January and April 18th, another 5498-ESA Form will be sent in April)
5498-SA	HSA, Archer MSA, or Medicare Advantage MSA Information (Used for HSA Accounts) – Mailed to Member by January 31. (If member makes a prior year Health Savings Account contribution between January and April 18th, another 5498-SA Form will be sent in April.)

2016 Tax Season Q&A

1.Will I receive a 1099-INT Form?

• Any member or business who received $10 or more in dividends aggregate under their SSN (excluding IRA accounts), escrow account, or savings bonds, the amount and account number will be included on the 1099-INT tax form.
  • Example: If a member earns $9 in Savings, $1 in Checking, and $2 in an additional Savings; a total of $12 will be reported to the IRS because the SSN reported $10 or more in dividends/interest earned.

2. Will I receive a 1099-R Form?

• If any amount was distributed (withdrawn, not transferred to another institution) from their Retirement Plan, this amount will appear on the 1099-R form, and will indicate what the taxable amount is and how much federal tax was withheld, if any.
• If a member has a Roth or Traditional Account and any amount was distributed (withdrawn, not transferred to another institution) from these accounts, they will receive one 1099-R for the Roth account, and another 1099-R for the Traditional account.

3.Will I receive a 1099-Q Form?

• If any amount was distributed (withdrawn not transferred to another institution) from their Education IRA (Coverdell Education Savings), this amount will appear on the 1099-Q form, and will indicate what the taxable amount is and the Fair Market Value (balance as of December 31) of the Education IRA.

4.Will I receive a 1099-SA Form?

• If any amount was distributed (withdrawn not transferred to another institution) from their HSA Account, this amount will appear on the 1099-SA form, and will indicate what the taxable amount is.

5. Will I receive a 1098 Form?

• If a member has a Mortgage Loan, ALL mortgage loan interest paid will be reported and provided to them on a 1098 Form.
• The 1098 form will report real estate property taxes paid, private mortgage insurance premiums paid on mortgage loans that were originated after 1/1/2007, and mortgage points paid by the borrower in conjunction with the purchase of a primary residence, as these items may be tax deductible.  Members should consult a tax advisor regarding tax deductibility of the information contained on the 1098 form. 
• We are only required to send a 1098 if the interest totals $600 or more.  However, due to the number of requests for this form, a 1098 will be generated on all mortgage loan accounts regardless of the amount of mortgage interest paid.

6. Will I receive a 1099-A?

• If the member has a mortgage loan with VyStar in which the property was abandoned or foreclosed during the 2016 tax year; the borrower will receive a 1099-A.

7. Will I receive a 1099-C?

• If the member has a debt with VyStar in which a settlement has been accepted as payment in full for less than the outstanding balance, the borrower will receive a 1099-C for the amount of the debt that has been forgiven when the forgiven balance is $600 or greater. In addition, any member with a loan or deposit account that has been charged off during January 2010 through December 2016 with an outstanding balance owed of $600 or greater, the member will receive a 1099-C.

8. Will I receive a 5498 Form?

• If a member made an IRA contribution in 2016, they will receive a 5498 Form by January 31, as required by the IRS.
• The 5498 Form reports IRA contributions, rollovers and the Fair Market Value (IRA balance as of December 31).
• Members have until April 18th to make prior year (2016) IRA contributions.
• Contributions for 2017 may start on January 1, 2017.
• The “2016 tax year” ends April 18th.
• Members will receive another 5498 Form in May 2017 only if they have contributed to their IRA for tax year 2016 during the period of January 1 through April 18, 2017.

9. Will I receive a 5498-ESA?

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.

10. Will I receive a 5498-SA?

• If a member made a Health Savings Account contribution in 2016, they will receive a 5498-SA Form by January 31, as required by the IRS.
• The 5498-SA Form reports Health Savings Account IRA contributions, rollovers and the Fair Market Value (IRA balance as of December 31).
• Members have until April 18th to make prior year (2016) Health Savings Account Contributions.
• Contributions for 2017 may start on January 1, 2017.
• The “2016 tax year” ends April 18th.
• Members will receive another 5498-SA Form in May 2017 only if they have made a contribution to their Health Savings Account IRA for tax year 2016 during the period of January 1 through April 18, 2017.

11. Will I receive a RMD (Required Minimum Distribution) Letter?

• Yes, if you are reaching age 70.5 or older and had a balance in your Traditional IRA as of December 31, 2016.   

12. Will I receive a 1042-S Form?

• If a member is a non-resident alien or Canadian, we will mail a 1042-S Form by March 15, 2017.

13. Can I get a new 1099-INT Form with all of my accounts listed, regardless of the amount of dividends earned?

• No. Any member or business who received $10 or more in dividends aggregate under their SSN (excluding IRA accounts), escrow account, or savings bonds, the amount and account number will be included on the 1099-INT tax form.
• Members may refer to their December Member Statement for the YTD Interest (Dividends) paid amount for open accounts.  For closed accounts, the member will need to refer to the Member Statement for the month the account was closed.  (For example, if the CD was closed in March, refer to the March statement.  The April-December statement will not show this account.) 

14. Where are my Year-to-Date (YTD) Grand Totals on my Statement?

• Our Member Statements do not provide a “GRAND TOTAL” – however, year-to-date totals are provided for each open account.  
• Members will need to total the YTD interest (dividend) amounts per account (product) on his or her December statement to obtain the GRAND TOTAL of dividends paid.
• If the account was closed earlier in a month during the year, refer to that month’s statement for your year-to-date total.

15. Why did I receive a tax form for my business/organization?

• VyStar is required to report to the IRS, any member or business who received $10 or more in dividends aggregate under their SSN (excluding IRA accounts), escrow account, or savings bonds, the amount and account number will be included on the 1099-INT tax form.

16. Why was my business and personal tax information combined?

• This should only apply to sole proprietorships.  Any member or business who received $10 or more in dividends aggregate under their SSN (excluding IRA accounts), escrow account, or savings bonds, the amount and account number will be included on the 1099-INT tax form.
• Member accounts were combined only if the member’s or business’s SSN/TIN/EIN AND the first line of addresses (first 10 characters) matches.
• If the SSN/TIN/EIN and address criteria did not match, then separate 1099-INT forms were generated.
• Any member or business who received $10 or more in dividends aggregate under their SSN (excluding IRA accounts), escrow account, or savings bonds, the amount and account number will be included on the 1099-INT tax form.
• The 1099R and the 1098 forms were not combined in this manner.

17. Should my Money Market account appear differently on my tax form?

No.  VyStar’s Money Market accounts are “savings accounts” and should not be misunderstood as a money market investment account.

18. Do I have to report this interest (dividends) on my tax return?

• Members must consult with their tax advisor to determine what must and/or must not be reported on your tax return.
• VyStar cannot give tax advice – however, we can provide the information as it relates to your accounts.

19. I have not received, or I have misplaced or lost my tax form. How do I get a new or replacement form?

• We can order a copy of the form for you, which you should receive within 7 business days.  A copy fee may be assessed.
• Please contact VyStar’s Call Center at (904) 777-6000 or 1 (800) 445-6289 or stop by any branch.  

20. My tax information is incorrect. What do I do?

• Please contact VyStar’s Call Center at (904) 777-6000 or 1 (800) 445-6289 or stop by any branch.  Once an error is researched and confirmed, a corrected form will be mailed to you.  The process takes approximately 30 days.
• Please have the following information ready when you contact us:
• Account number(s) in question
• Phone number - a daytime phone number to contact you 
• Brief explanation of the problem, concerns and questions 

21. How long will it take to get a corrected tax form?

• If an error is found, a corrected form will be mailed to the member at the end of each month (starting in February).
• Research and running the correction program takes approximately 30 days.  Therefore, depending on the date of the potential error, the member may receive a corrected form at the end of the following month.

22. I have a certificate penalty amount on my 1099-INT form.  This was supposed to be corrected.  How do I get my tax form corrected?

• Please contact VyStar’s Call Center at (904) 777-6000 or 1 (800) 445-6289 or stop by any branch.  Once an error is researched and confirmed, a corrected form will be mailed to you.  The process takes approximately 30 days.
• Please have the following information ready when you contact us:
  • Account number(s) in question
  • Phone number - a daytime phone number to contact you 

23. My Social Security Number (or TIN – Tax Identification Number) is incorrect on my tax form?  How do I get this corrected and receive a corrected tax form?

• The member must complete and sign a W-9 form before we can change their social security number on their accounts. They must provide proper documentation (Original SSN card) to update their SSN.
• Please contact VyStar’s Call Center at (904) 777-6000 or 1 (800) 445-6289 or stop by a VyStar Branch for a W-9 form.  Note: The W-9 Form is also available online at www.irs.gov. 

24. The bond interest reported on my 1099-INT form is incorrect?  
How do I get this corrected?

• Please contact VyStar’s Call Center at (904) 777-6000 or 1 (800) 445-6289 or stop by any branch.  Once an error is researched and confirmed, a corrected form will be mailed to you.  This process takes approximately 30 days. 
• Please have the following information ready when you contact us:
  • Account number(s) in question
  • Phone number - a daytime phone number to contact you