Your Navy Federal Tax Information

When filing your tax returns, you may need two types of forms from us: Form 1099 and Form 1098.

Form 1099

If you need to show dividend earnings or other 1099 information, we’ll mail what you need by Jan. 31. You can also view your Form 1099 information through digital banking.

  • Mobile App:* Sign in and tap More in the bottom right of the screen, then tap Tax Statements.
  • Online: Sign in and click the Statements link in the blue banner at the top of the screen. The current tax year’s form will be listed to view or download. You can also locate your year-end tax information at the bottom of your January statement details.

Form 1098

You may need a Form 1098 (Mortgage Interest Statement), if you need to show you paid interest, points or mortgage insurance premiums. These expenses may be eligible to be used as deductions.1

To access your Form 1098:

  1. Sign in and select your mortgage or equity account
  2. Select Statements and Documents from the menu bar
  3. Select Year End Statement from the drop-down menu
  4. Scroll to the bottom of the Year End Statement page
  5. Click on IRS Substitute Form 1098 for 2019

New CARES Act Changes That Could Affect You

In an effort to support businesses and individuals in the wake of COVID-19, Congress passed an aid package known as the Coronavirus Aid, Relief, and Economic Security Act of 2020 (CARES Act).

New provisions of the legislation may affect your retirement (IRA) and/or education (ESA) savings accounts. Here’s what you need to know.

Income Tax Filing Deadline

The deadline for filing your income tax return has been extended and is now July 15, 2020.

Contributions to IRAs and ESAs

Because the date for filing your income tax return has been extended to July 15, 2020, the deadline for making IRA or ESA contributions for 2019 is also extended to July 15. Members who have made prior-year contributions between May 13 and July 15 will receive a corrected 5498 form in August 2020.

Withdrawals/Distributions

You may be able to withdraw up to $100,000 between Jan. 1 and Dec. 31, 2020 without paying a 10 percent early withdrawal penalty, even if you’re not 59½.

You qualify if:

  • you or your spouse is diagnosed with COVID-19 or SARS-CoV-2 in an approved test; or
  • you’ve suffered financially (e.g., can’t work because of no childcare, had work hours reduced, furloughed, lost your job, business closed)

Income taxes for this distribution will still be due, but you can pay them over 3 years.

Required Minimum Distributions

You will not have to take the 2020 Required Minimum Distributions (RMD) from defined contribution plans, IRAs or Beneficiary IRAs.

Non-beneficiary IRAs. The RMD waiver also applies to those who turned 70½ in 2019, but didn’t take their RMD before Jan. 1, 2020.

If you elected a 5-year payout period from your beneficiary IRA, the year 2020 won’t be counted for the 5-year payout period. However, the required beginning date for the years following 2020 won’t change. Beneficiary RMD waiver

Know When Your Refund Posts

You don’t have to wonder or call us to find out when you’ll get your refund. Set up a deposit notification, and we’ll send you a text,* push notification or email when
it posts.

Learn More about mobile notifications

Submitting Your Tax ID Certification

We’re required by the IRS to report combined dividend earnings on members’ deposit accounts. If you applied for membership by phone, the form was sent in your new member packet and must be completed to ensure compliance. If you haven't received a 97HX, you can find one using the link below.

Download Tax ID Certificate Form

You can return the form by faxing it to 703-206-4600, attaching to an eMessage, returning to a branch, or mailing to:

Navy Federal Credit Union
Attn: Membership Department
P.O. Box 3002
Merrifield, VA  22116-9887

IRS Resources

  • 1040 Central

    Providing essential information for individual taxpayers, the IRS covers the basics of when, how and where taxpayers should file. Find answers to popular questions and access to forms and instructions here as well.

    Learn More about 1040 Central
  • Tax Information for Military Members

    Understand the specifics of filing taxes as a current or former member of the military, including rules regarding the IRS definition of armed forces.

    Learn More about Tax Information for Military Members
  • Online Services

    Filing and paying your taxes should be as convenient as possible. That's why the IRS provides you with many helpful interactive forms, calculators and tools.

    Learn More about Online Services
  • Printable Tax Forms

    Want to work things out on paper? You can easily print out the forms you need and accompanying instructions from the IRS’ library of PDFs.

    Learn More about Printable Tax Forms

Disclosures

1 This information is intended to provide general information and should not be considered tax advice. Please consult a tax professional for more information.