Tax Information

United Local Credit Union will provide our members with all required tax documents by mail. If you are enrolled for Electronic Notices, you will also receive any tax documents electronically, in addition to receiving the original document in the mail. Electronic tax notices can be found in the Document section of your Online or Mobile Banking, where you receive your monthly E-Statements. Most notices will be mailed by January 31, 2026. Interest earned/paid can also be found on your December 2025 Statement. Please see below for information on tax forms. 

 

1099-INT - You will receive a 1099-INT if you received $10.00 or more in interest during 2025. This represents the total interest received, including dividends from your savings, checking, money market, and CD accounts. 

 

1098 - You will receive a 1098 if you PAID more than $600.00 in interest on a real estate loan in 2025. This includes first and second mortgage loans. 

 

Auto Loan Interest - The passage of HR 1 (the "One Big Beautiful Bill Act") in July 2025 created a new IRS deduction for qualifying auto loans.

Effective for 2025 through 2028, individuals may deduct interest paid on a loan used to purchase a qualified vehicle, provided the vehicle is purchased for personal use and meets the following eligibility criteria. If you are unsure whether your vehicle qualifies, please contact Member Services.

• Vehicle purchased new on or after 01/01/2025

• Vehicle assembled in the United States (VIN will begin with 1, 4, or 5)

• Vehicle made for primary use on public roads

• Weighs less than 14,000 pounds

• Has at least two wheels (cars, SUVs, pickup trucks, motorcycles)

You will need to seek the advice of a licensed tax professional regarding claiming interest paid as a deduction. The credit union is unable to provide tax filing advice.

The total interest paid can be found on your December 2025 loan statement or by contacting Member Services.

 

 1099-R - You will receive a 1099-R if you received a distribution of $10.00 or more from your Traditional, Educational, or Roth IRA Savings, CD, or combination of the two in 2025. Any taxes that have already been paid will be reflected on your 1099-R.

 

IRA Contributions for 2025 can be made until April 15, 2026. If you are contributing for the prior year, please notify our staff at the time of the contribution. Since the contribution window is open until April 15, 2026, 5498 Forms will not be mailed out until May 2026. 

 

Filing Information & Helpful Links

Taxes can be filed directly with the State of California Franchise Tax Board and directly with the IRS at no charge.

IRS Interactive Tax Assistant - Provided free of charge by the IRS to answer a wide variety of federal tax questions. 

FTB Online Help - For California filers needing assistance with California tax related questions.