Tax return preparation for tax year 2019 is now available in all SECU branches!
SECU’s Low-Cost Tax Program is available to members of NCPAFCU for a flat rate of $75 per return. If you are eligible to participate, SECU preparers can complete and electronically file both your federal and North Carolina tax returns!
How the Process Works
Take your tax documents, the “Getting Started Kit,” and other items you will need to your local branch.
An SECU tax preparer will review the information, determine if you are eligible to participate in the Low-Cost Tax Program, and ensure you have all necessary documents needed for us to file an accurate tax return.
An SECU tax preparer will begin working on your tax return, and a completed return will be available for your review and signature within 5 business days.
Once you have signed your return and paid the $75 fee1, the Credit Union can electronically file2 the return and will provide you a with a copy. According to the IRS, if you are due a refund, you can generally expect to receive it within 8-15 business days.
Getting Started – Items You Will Need
The “Getting Started Kit” provides information regarding eligibility, items to bring with you, and several forms that must be completed before meeting with an SECU tax preparer. To reduce wait time at the branch, we suggest you review the “Getting Started Kit,” gather your required information and documentation, and complete the necessary forms prior to coming to the branch.
Along with the completed forms from the “Getting Started Kit” please also bring the following items when meeting with an SECU tax preparer:
Picture ID for yourself (and your spouse, if applicable)
Social Security cards for yourself and all other individuals on your return (spouse and all dependents)
Your prior year tax return
All income documents including W-2s, 1099s and other tax documents
Form 1095-A if you had health insurance through the Marketplace
Form 1098-T and other documentation of higher education expenses such as tuition and fees, books and supplies, and student loan interest
Daycare expenses and the daycare provider's name, address and tax ID number
Documentation of, or a detailed listing to support itemized deductions, if applicable. Such deductions may include the following:
- Mortgage loan interest paid
- Charitable contributions
- Property taxes paid (home and auto)
- Medical expenses
Financial statements or other documents to support retirement plan rollovers
To participate in SECU’s Low-Cost Tax Preparation program, you must meet the following criteria:
Be a Credit Union member
Only have tax reporting items within the scope of our program (see list below)
Have been a full-year resident of North Carolina or one of its bordering states (Virginia, Tennessee, Georgia, or South Carolina) during the tax year
Only have income from North Carolina or one of its bordering states during the tax year
The Credit Union can generally prepare your tax return through the Low-Cost Tax Program if the return will not include any of the following items3:
Income from states other than North Carolina, Virginia, Tennessee, Georgia, or South Carolina
Self-employment income that must be reported on Schedule C for businesses with employees, inventory, and/or a net loss
Active military income4
Foreign earned income
Non-cash charitable contributions exceeding $500
Deductions for business use of the home
Preparing Your Own Taxes
For members who prefer to complete their own taxes, there are a variety of planning and filing resources to guide you through each step of tax return preparation.
TurboTax®: SECU has again partnered with Intuit® to offer TurboTax® at a discount of up to $20 to our members, depending on which product is selected, when you start by using this link to TurboTax. With TurboTax, it's easy to do your own taxes and save. TurboTax coaches you every step of the way to the biggest refund you deserve, searching over 350 deductions and credits as you go.
IRS e-File: Electronically file your taxes using one of the IRS’s recommended services
1Eligible members can choose to have the $75 fee deducted from their tax refund. See the Fee From Refund Consent Form for eligibility requirements. For more details, please contact your local branch.
2In rare instances, returns cannot be electronically filed. In those instances, a tax preparer will provide you with instructions on how to mail your completed return.
3The above list is not all-inclusive. Tax items other than those listed above may be outside of the scope of our program. A Credit Union tax preparer will review all documentation before preparing your return to confirm eligibility. Please contact your local branch for additional details.
4SECU preparers can prepare returns with military retirement income on form 1099R but are not certified to prepare returns with active military income (reported on form W2).
*Quoted rates, dividends, annual percentage yields (APY) and annual percentage rates (APR) are subject to change daily at the discretion of the Board of Directors.