WASHINGTON (12/7/15)--The Internal Revenue Service (IRS) made a number of changes over the course of 2015 that will take effect in 2016. CUNA’s CompBlog has details about each of those forms, posted over the past week.
The changes will affect credit unions that file Form 1099-INT, Form 1098-E and Form 1098. Click the associated links below to see a detailed look at each form’s requirements from CompBlog.
Form 1099-INT must be filed to report interest income of at least $10 paid to a member. Form 1098-E, student loan interest statement, must be filed to report student loan interest of $600 or more received from a member during the year.
Form 1098, mortgage interest statement, must be filed to report mortgage interest, including points, of $600 or more received during 2015.
All forms mentioned above must be filed by Feb. 29 if on paper, and by March 31 if electronically. A statement for each form must be provided to the member by Jan. 31. It must include the direct telephone number of a person who can answer questions about the statement.
In addition to the aforementioned forms, credit unions paying deposit interest of $10 or more to nonresident alien members from countries that have an information exchange agreement with the United States will need to file a Form 1042-S.
That form must be filed by March 15, and credit unions are also required to furnish Form 1042-S to the nonresident alien recipients of the reportable payments by March 15.
Credit unions filing 250 or more information returns must file electronically. This requirement applies separately to each type of form.