We hope you find this information helpful when you or your tax consultant do your taxes!
Direct Deposit of your Tax Refunds
Your IRS and Vermont state tax refund can be deposited directly to your WRCU Share Savings or Share Draft Checking account. You should get your refund much faster this way. All you have to do is complete the designated portion of your income tax return with the following information:
- Refund amount
- Routing number (the WRCU routing number is 211691279)
- Account type (Checking or Savings)
- Account number (for Checking add 02 at the end of your account number)
If you use tax software like Turbo Tax, Tax Act, etc., follow the instructions in the program for direct deposit.
Note: We may not be able to accommodate a cash withdrawal of over $3,000 at this time of year due to unpredictable demand. If you require over $3,000 please give us a weeks notice.
If you use direct deposit it must be on an account that is yours, or you are a joint owner of the account.
1099s and 1098s
In January, as prescribed by the Internal Revenue Services (IRS), the White River Credit Union will be mailing various informational forms to our members. These are issued for each individual member account number so if you have more than one member account with us, you may receive more than one of these forms.
Form 1099-INT, the Interest Income statement, will be mailed to members who earned at least $10.00 interest for their particular account number in 2019. If an individual received less than $10.00 interest for 2019 from an individual account number, a 1099-INT will not be issued for that member number. The IRS does not require that forms be issued for interest earnings of under $10.00, but you are still responsible to include all interest earned when filing your tax return. Refer to your December 31, 2019 account statement or use online banking to find interest amounts that are under $10.00 and add them to the other interest you earned in 2019.
Also, if an individual paid less than $600.00 interest on their mortgage loan, we will not be issuing a 1098, which is the mortgage interest statement. For interest paid in an amount less than $600.00, please refer to your December 31, 2019 account statement.
Your IRA Contributions
You can contribute to your 2019 IRA (Individual Retirement Account) until April 15, 2020. If you wish to do this the request must be made in writing. The contribution limit for 2019 is $6,000 unless you are over 50, then it is $7,000. This limit may be less for higher-income people or those covered by an employer's plan. We advise that you contact a tax advisor, accountant, or financial planner to see what is best for you.
Tax Refund Identity Theft
People can steal your identity, then steal your tax refund. Steps to prevent identity theft include:
- Get an Identity Protection (IP) PIN from the IRS. An IP PIN is a six-digit number assigned to eligible taxpayers that helps prevent the misuse of Social Security numbers on fraudulent federal income tax returns;
- Check credit union account statements every month. If you discover an account you did not open, balance discrepancy or a purchase you did not make, contact the financial institution or creditor immediately to report the activity;
- Monitor your credit reports on a regular basis;
- Talk to the credit union if you think your identity has been compromised. We can help you secure your accounts