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Simple Steps to Jumpstart the New Year
GET PREPPED FOR TAX TIME
As the People In Your CornerTM, we’ve prepared a summary of 2024 tax statement release dates for you below.
Digital versions of tax statements will be available soon in eDocuments within CCU digital banking, which can be accessed through our website or our mobile app. They will also be sent via first-class mail. The delivery date will depend upon USPS delivery schedules.
UPDATE YOUR CONTACT INFORMATION
If you’ve moved or changed your name, email or phone number, please make sure your contact information with us is up to date or you might miss important messages. Log into digital banking, choose Profile & Settings, then select Contact information to review and update if necessary.
LEARN HOW TO PROTECT YOUR DATA
With scams and fraud attempts so widespread these days, it’s critically important to keep your personal and financial information protected. Visit myconsumers.org/online-security for tips on how to safeguard yourself online and offline.
KNOW YOUR CONTRIBUTION LIMITS
If you have an IRA or Health Savings Account (HSA) with CCU, remember that you can contribute toward your 2024 IRA and HSA until April 15, 2025. For 2024, the annual IRA contribution limit is $7,000, and for 2025 it’ll be the same. In both cases, individuals age 50+ can continue to make up to $1,000 in catch-up IRA contributions (for a total of $8,000 in both 2024 and 2025). For 2025, the annual HSA contribution limit increases from $4,150 in 2024 up to $4,300 for an individual, and from $8,300 in 2024 up to $8,550 for families. The limit for catch-up HSA contributions remains the same at $1,000 for those age 55+.
2025 TAX STATEMENT SCHEDULE*
By January 31, 2025
• 1099-INT – Only for members who earned $10+ in 2024 interest income. Members with less than $10 in interest income are not reported to the IRS.
• 1099-R – for Individual Retirement Accounts (IRAs).
• 1099-Q – for Education Savings Accounts (ESAs).
• 1098 – Mortgage interest tax statement only created if you paid $600+ in interest.
• 1098-E – Student loan interest tax statement only created if you paid $600+ in interest.
• 1099-C – Cancellation of debt.
• 1099-SA – for Health Savings Accounts (HSAs).
By March15, 2025
• 1042-S – Foreign persons’ U.S. source income subject to withholding.
By May 2, 2025
• 5498-ESA – ESA contributions, rollovers, transfers and fair market value (FMV).
By May 31, 2025
• 5498-SA – HSA contributions, rollovers, transfers and fair market value (FMV).
• 5498 – Traditional, Roth and SEP IRA contributions and rollovers. Members can make 2024 prior-year contributions until April 15, 2025. Prior year contributions require written intent – please contact a CCU representative for assistance.
*Consumers Credit Union (CCU) may produce statements earlier than dates indicated.
Tax laws are subject to change. CCU does not provide tax advice. Please be sure to consult with your tax advisor with any questions.