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From the people in your corner
Simple Steps to Jumpstart Your 2024
GET PREPPED FOR TAX TIME
We have a summary of 2023 tax statement release dates for you below.
Digital versions of tax statements are now available in eDocuments within CCU Online Banking. They have also been 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, make sure you update your contact information with us. Log into Online Banking,
choose
Profile & Settings, then select
Contact information to review, then update if necessary. We want to make sure you receive important information about your accounts throughout the year!
LEARN HOW TO PROTECT YOUR DATA
As the people in your corner, we want to see your personal and financial information protected. Visit myconsumers.org/online-security to review 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 2023 IRA and HSA until April 15, 2024. For 2023, the annual IRA contribution limit is $6,500,
and for 2024 it’ll be $7,000. In both cases, individuals age 50+ can continue to make up to $1,000 in catch-up IRA contributions (for a total of $7,500 in 2023 and $8,000 in 2024). For 2024, the annual HSA contribution limit increases from $3,850
in 2023 up to $4,150 for an individual and from $7,750 in 2023 up to $8,300 for families. The limit for catch-up HSA contributions remains the same at $1,000 for those age 55+.
2023 TAX STATEMENT SCHEDULE*
By January 31, 2024
• 1099-INT – Only for members who earned $10+ in 2023 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, 2024
• 1042-S –
Foreign persons’ U.S. source income subject to withholding.
By May 2, 2024
• 5498-ESA – ESA contributions, rollovers, transfers and fair market value (FMV).
By May 31, 2024
• 5498-SA –
HSA contributions, rollovers, transfers and fair market value (FMV).
• 5498 – Traditional, Roth and SEP IRA contributions and rollovers. Members can make 2023 prior-year contributions until April 15, 2024.
*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.