2016 Tax Information
Foothills Credit Union may send you some tax forms that you need when filing your 2016 taxes. Below is a description of those forms, how your eligible to receive those forms, and where you receive those forms, and other tax information for your use.
- 1099 Form – You will receive this form from Foothills CU if you earned a combined total of $10 or more in dividend/interest from products like a Savings Account, Money Market Account, and/or Certificate of Deposit (CD). You will use this form to claim this income on your tax return. This form is included in your December 2016 statement and would be one of the last pages of this statement. If you have e-statements you can view this in your online banking system.
- 1098 Form – You will receive this form from Foothills CU if you paid a combined total of $600 or more in interest on real estate products like a Mortgage or Home Equity Line of Credit (HELOC). You will use this form to claim interest paid on your tax return which will aid in tax deductions. This form is included in your December 2016 statement and would be one of the last pages of this statement. If you have e-statements you can view this in your online banking system.
- If you paid less then $600 in interest, on a real estate loan, you can still claim this interest payment on your taxes. You will look at the first page on your December 2016 statement, find the box with your loan information, and insert the dollar amount listed on the line title INTEREST YEAR-TO-DATE.
- If you paid off your real estate loan sometime in 2016, and did not pay more then $600 in interest, you will need to view the statement of the month you paid off the loan to view the INTEREST YEAR-TO-DATE total. For example, if you paid off a HELOC on May 15, 2016 you would view your May 2016 statement to view all interest paid in 2016 for this loan.
- Other Tax Information
- Foothills CU Tax ID# 840384061
- Foothills CU Routing# 302076266
*Please consult your tax advisor regarding the deductibility of interest.
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