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Guide to Year-End Tax Preparation

Man and woman sitting with a laptop and tax forms

We offer a variety of planning and filing resources to guide you through each step of tax completion.

Collect tax documents

Year-end tax forms and documents are mailed to members by the end of January, and are available online through Press Pass on or before January 31. IRS 5498 Forms are mailed and made available to members by the end of May.

Below is a description of tax documents NCPAFCU provides to its applicable members.

IRS Form 1098
Mortgage Interest Statement		This form shows the interest you paid, as well as the property taxes and any private mortgage insurance (if applicable) paid by escrow, on your real estate-secured loans (including traditional mortgage loans and home equity lines of credit).
IRS Form 1099-A
Acquisition or Abandonment of Secured Property		This form shows the Credit Union has acquired from you an interest in real property (such as a personal residence) that served as security for a loan, or the Credit Union has reason to know you have abandoned the property.
IRS Form 1099-C
Cancellation of Debt		The Credit Union is required to send you this form if we have discharged (canceled or forgiven) a debt you owed of $600 or more, or if an “identifiable event” has occurred that either is or is deemed to be a discharge of the debt.

IRS Form 1099-INT
Interest Income

This form shows the following:

  • Amount of interest or dividends you earned from your deposit accounts and/or savings bonds (if $10 or greater)
  • Total interest/dividends earned for the year can be found on your December account statement, regardless of dollar amount
  • Any federal backup withholding you paid (federal income tax withheld)
  • Any penalties you paid due to early withdrawal of funds from a Share Term Certificate Account
IRS Form 1099-Q
Payments from Qualified Education Programs		This form shows distributions made from your Coverdell Education Savings Account.
IRS Form 5498-ESA
Coverdell ESA Contribution Information		This form shows contributions made to your Coverdell Education Savings Account.
IRS Form 1099-R
Distributions from Retirement Accounts		This form shows distributions from your retirement accounts (e.g., traditional IRAs, SEP IRAs, Roth IRAs and beneficiary IRAs).
IRS Form 5498 IRA
Contribution Information		This form shows contributions, recontributions, and rollovers made to your traditional, Roth, SEP, or beneficiary IRA.
IRS Form 1099–SA
Distributions from Health Savings Accounts (HSAs)		This form shows distributions from your Health Savings Account.
IRS Form 5498-SA Contributions to Health Savings Accounts (HSAs)This form shows contributions and rollovers made to your Health Savings Account.
NCPAFCU Credit Card Annual Activity SummaryThe Credit Card Annual Activity Summary is prepared for NCPAFCU cardholders who made a minimum of 25 purchases with their credit card during the prior calendar year. It consists of an itemized list of all the transactions on the account, organized under categories such as restaurants, groceries, travel/lodging, merchandise/retail, and gas/automotive expenses. This money management tool can be helpful with budgeting household expenses and preparing tax returns.

Tax preparation options

If you are interested in free tax preparation services, there may be several options available in your community or through self-preparation. Below is a list of free tax preparation services.

Assisted tax preparation

IRS-sponsored VITA & TCE programs
The Volunteer Income Tax (VITA) program offers free tax help to people who generally make $67,000 or less, persons with disabilities, and taxpayers with limited English proficiency who need assistance in preparing their own tax returns. IRS-certified volunteers provide free basic income tax return preparation with electronic filing to qualified individuals.

The Tax Counseling for the Elderly (TCE) program offers free tax help for taxpayers who are 60 years of age and older. The IRS-certified volunteers provide tax counseling services through non-profit organizations that receive grants from the IRS.

Locate the nearest VITA or TCE site by using the VITA/TCE Locator tool. Because many VITA and TCE sites are only open from January through April and the VITA/TCE locator tool provides real-time results, it is best to search this site during the tax season or when you are ready to have your tax return completed.

Most TCE sites are operated by the AARP Foundation’s Tax Aide program. During the tax season, you can also use the AARP Tax-Aide Locator tool to search for a free Tax-Aide site.

AARP Foundation Tax-Aide sites are only open from late January/early February to April 15, so their locator tool is only functional during that time frame.

MilTax: tax services for the military
MilTax is a Department of Defense program that generally offers free return preparation and e-filing software for all military members, with no income limit.

If you do not qualify for any of these free services, consider preparing your own taxes.

Prepare your own taxes

For members who prefer to complete their own taxes, planning and filing resources exist to guide you through the steps of tax return preparation.

TurboTax

NCPAFCU has negotiated with Intuit®1 to offer our members a discount2 of up to 20% on TurboTax® preparation software, depending on which product you select. Visit the TurboTax website to file your taxes today.

IRS Free File

If your adjusted gross income is $84,000 or less, you may have access to free tax preparation software through IRS Free File. Several do-it-yourself options are available to file your federal and, in most cases, state tax returns. You will be able to choose from several software providers to find a program that meets your needs. Visit the IRS Free File page to view the available options.

Free Fillable Forms

If you are comfortable preparing your tax returns yourself without software or guidance, the IRS offers Free File Fillable Forms for federal returns only, regardless of income. These forms are available from late January to mid-October each year. For more information, visit the IRS Fillable Forms page.

Tax refunds or owing more

Most taxpayers are either looking forward to a refund or bracing for an amount due. Here are a few important considerations depending on which situation you’re in:

If you’re expecting a refund

Choose direct deposit whenever possible. Paper checks are far more vulnerable to loss, theft, and fraud. Paper checks are 16 times more likely to be lost, stolen, returned, or altered than electronic payments. Beginning with 2025 returns filed in 2026, taxpayers will be required to provide direct deposit information unless they qualify for an exception or choose to accept longer processing times.

To set up direct deposit, include the following for an account in your name:

  • Routing number: You will need to provide the routing number for your direct deposit. NCPAFCU’s nine digit routing number is 253184922.
  • Account type: You can select to have your money deposited into your Checking, Money Market, Share, or IRA Account. Note that you should only direct your refund to an IRA if you are eligible to make a contribution. A direct deposit to an IRA will be treated as a current year contribution.
  • Account number: When completing your tax return for a refund, it is important that the account type and account number you provide are correct. Your account number is available on your statement or in Press Pass.

Track your refund

Check your tax refund status with Where's My Refund? from the IRS 24 hours after the IRS accepts your e-filed return, or four weeks after mailing a paper return.

Make your refund work for you

Contact your local branch to help guide you through smart ways to use your refund, including:

Received a large refund?

If your financial situation is likely to remain the same next year, consider adjusting your tax withholdings so you keep more of your money throughout the year.3 The IRS Tax Withholding Estimator can help you determine the right amount.

If you expect to owe

Pay as much as you can by the filing deadline.3 Interest and late payment penalties begin accruing after the deadline — even if you file an extension. Visit IRS.gov to explore payment options and installment agreement details.

Owed a large amount this year?

You may be subject to underpayment penalties. While it may be too late to avoid them for the current tax year, a few adjustments could help prevent surprises in the future. Use the IRS Tax Withholding Estimator to see if you should adjust your withholding. If withholding alone isn’t enough, consider making estimated tax payments throughout the year.3

  1. Intuit, TurboTax, and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc.
  2. Discount only valid when you access TurboTax products and services using the link above. The use of TurboTax is governed by Intuit’s applicable license agreements, user agreements, terms of service and other service terms, which you should review prior to using TurboTax. Intuit is not affiliated with the Credit Union or its affiliates. The link to TurboTax and the discount offer is provided as a convenience to you, and NCPAFCU bears no responsibility for your use of the service or product. Visit https://turbotax.intuit.com/lp/yoy/guarantees.jsp for TurboTax product guarantees and other important information. NCPAFCU makes no promises, guarantees or warranties regarding the information, services and software products provided by Intuit.
  3. NCPAFCU does not offer tax advice services. Consult a tax advisor for help with tax preparation and tax advice.