Understanding Your 2024 Tax Documents
Tax season is here, and as your trusted financial partner in Central Wisconsin, we want to help you navigate the various tax documents you'll receive from Public Service Credit Union. Whether you're a long-time member or new to our credit union family, understanding these forms is crucial for accurate tax filing.
What Tax Forms to Expect from PSCU
Your credit union account activity from 2024 may generate several important tax documents. Here's what you need to know about each form:
1099-INT Form
If you earned $10 or more in dividends from your savings accounts, certificates, or other dividend-bearing accounts during 2024, you'll receive a 1099-INT form. This document shows your total dividend earnings for the year, which must be reported as income on your tax return.
1098 Mortgage Interest Statement
For members with a home loan through PSCU, you'll receive a 1098 form detailing the mortgage interest you paid in 2024. This is particularly important as mortgage interest is often tax-deductible if you itemize your deductions.
1099-R Form
If you took distributions from your IRA account at PSCU during 2024, you'll receive a 1099-R form showing these withdrawals. This includes both traditional and Roth IRA distributions.
Important Dates and Deadlines
All tax forms will be mailed by January 31, 2025, as required by law. This gives you plenty of time before the April 15, 2025 filing deadline. If you haven't received your expected documents by February 7, please get in touch with our Member Services team for assistance.
Accessing Your Tax Documents
We've made it easier than ever to access your tax documents:
Online Banking: Log in to your account to view and download electronic copies (not all tax documents are available electronically, including 1099-R)
In Person: Visit our Wausau branch for printed copies of your documents
“Remember, your financial success is our priority at Public Service Credit Union.”
Local Tax Preparation Resources
There are lots of local tax preparation services in the Central Wisconsin community that are available to our members providing professional assistance:
Free Tax Preparation Services The AARP Foundation Tax-Aide program offers free tax preparation at the Marathon County Public Library in downtown Wausau. This service is particularly valuable for seniors and members with moderate incomes.
Northcentral Technical College and the Marathon County Job Center also offer free tax preparation assistance through their VITA (Volunteer Income Tax Assistance program.
Tips for Organized Tax Filing
To make your tax preparation smoother:
Create a dedicated folder for all your tax documents as they arrive
Review last year's tax return to ensure you have all necessary forms
Keep receipts for tax-deductible expenses organized by category
Consider setting up direct deposit for faster tax refunds using your PSCU account information
Need Additional Help?
Our team is here to support you through tax season:
For questions about your tax forms, reach our Member Services team at info@publicservicecu.org
Visit our branch at Wausau for in-person assistance
Just so you know, while we're happy to help you understand your credit union tax documents, please remember that PSCU cannot provide tax advice. We would recommend that you consult with a qualified tax professional for specific tax guidance.
Stay Informed
Remember, your financial success is our priority at Public Service Credit Union. If you have questions about your tax documents or need assistance accessing them, don't hesitate to reach out to our friendly team.
For the most current tax information and forms, visit our website or contact our Member Services team at (715) 842-9865.
This article is for informational purposes only and should not be considered tax advice. Please consult with a qualified tax professional regarding your specific situation.