Forms Basics
This tax form reports interest earned of $10 or more to a U.S. member.
What is a 1099-INT?
This month is when 1042-S forms become available in Digital Banking.
What is March?
Tax forms are issued to this account holder only.
Who is the tax payer on the account?
True or False: An incorrect address prevents a 1042-S from being issued
What is False?
When members ask how to file their taxes, staff should do this.
What is recommend them to seek a tax advisor?
This document certifies a member as a non-U.S. person for tax purposes.
What is a W-8BEN?
If a member looks for their 1042-S in January or February, it will not appear because of this reason.
What is IRS reporting guidelines timing?
You are a team member: This system should be reviewed to confirm account ownership and YTD interest.
What is DNA?
This information does not affect IRS processing or whether a form is issue.
What is the member's address?
This Service Excellence Behavior is demonstrated by giving consistent tax explanations.
What is Use One Voice?
This form is generated only when an IRA distribution is processed directly through UNFCU.
What is a 1099-R?
This is where members can find tax forms in Digital Banking once released.
What is Statements & Notices > Tax?
This is the first thing a team member should verify when a member says they did not receive a tax form.
What is confirming their tax status?
This department handles 1098 forms, not frontline teams
What is Loan Servicing?
Explaining form timing before the member asks shows this behavior.
What is Anticipate Needs?
This status received a 1099- INT even though the member has a W8-BEN.
What is a tax status being invalid?
This date is commonly confused as a cutoff for tax forms but actually applies to filing deadlines
What is April 15?
Confirming ownership helps prevent this common member concern.
What is confusion about missing or duplicate tax forms?
A non-U.S. member with a valid W-8BEN says they shouldn't have received a 1042-s because their checking account received less than $10 or more interest.
What is earning $10 or more in interest in a different UNFCU account ?
Acknowledging concern when withholding occurs demonstrates this behavior.
What is Show Empathy?