Member Tax Information

• 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.
• Mailed to members by January 31

• If any amount was distributed (withdrawn, not transferred to another institution) from their Retirement Plan, this amount will appear on the 1099-R form, and will indicate what the taxable amount is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• If a member has a Roth or Traditional Account and any amount was distributed (withdrawn, not transferred to another institution) from these accounts, they will receive one 1099-R for the Roth account, and another 1099-R for the Traditional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.
• Mailed to members by January 31

• If any amount was distributed (withdrawn not transferred to another institution) from their Education IRA (Coverdell Education Savings), this amount will appear on the 1099-Q form, and will indicate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.
• Mailed to members by January 31

• If any amount was distributed (withdrawn not transferred to another institution) from their HSA Account, this amount will appear on the 1099-SA form, and will indicate what the taxable amount is.
• Mailed to members by January 31

• 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.
• Mailed to members by January 31

• If the member has a mortgage loan with VyStar in which the property was abandoned or foreclosed during the 2018 tax year; the borrower will receive a 1099-A.
• Mailed to members by January 31

• 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. 
• Mailed to members by January 31

• If a member made an IRA contribution in 2020, 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 15th to make prior year (2020) IRA contributions.
• Contributions for 2021 may start on January 1, 2021.
• The “2020 tax year” ends April 15th.
• Members will receive another 5498 Form in May 2021 only if they have contributed to their IRA for tax year 2020 during the period of January 1 through April 15, 2021.

• If a member made a Coverdell Education Savings IRA contribution or rollover in 2020, they will receive a 5498-ESA Form by January 31, as required by the IRS.
• Members have until April 15th to make prior year (2020) Education IRA (Coverdell Education Savings) contributions.  
• Contributions for 2020 may start on January 1, 2021.
• The “2020 tax year” ends April 15th.
• Members will receive another 5498-ESA Form in May 2021 only if they have made a contribution to their Coverdell Education Savings IRA for tax year 2019 during the period of January 1 through April 15, 2021.

• If a member made a Health Savings Account contribution in 2020, 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 15th to make prior year (2020) Health Savings Account Contributions.
• Contributions for 2021 may start on January 1, 2021.
• The “2020 tax year” ends April 15th.
• Members will receive another 5498-SA Form in May 2021 only if they have made a contribution to their Health Savings Account IRA for tax year 2020 during the period of January 1 through April 15, 2021.

• Yes, if you are reaching age 72 in 2020 or reached age 70.5 prior to January 1, 2020 and had a balance in your Traditional IRA as of December 31, 2020.   
• Mailed to members by January

If a member is a non-resident alien or Canadian, we will mail a 1042-S Form by March 15, 2021.

• 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.) 

• 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.

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.

• 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.

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

• 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.

• 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 Contact Center at (904) 777-6000 or 1 (800) 445-6289 or stop by any branch.  

• Please contact VyStar’s Contact 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 

• 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.

• Please contact VyStar’s Contact 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 

• 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 Contact 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. 

• Please contact VyStar’s Contact 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