Please review the following information about the State Farm Federal Credit Union 1099-INT distribution to members this year.
Key Details:
- 2024 1099-INT statements will be mailed to members at their address on file no later than January 31, 2025. Please allow additional time for postal service delivery after they are sent.
- With our recent core banking system upgrade, members will receive only one 1099-INT for all accounts. This will be a change to members who have their Social Security Number tied to more than one member account number. The interest on all accounts will be totaled on one 1099-INT.
- SFFCU account numbers will not appear on the 1099-INT tax forms.
- Members enrolled in eStatements will be able to access their 1099-INTs through online banking or their mobile app as soon as statements are available. To access, click/tap the Accounts menu, select Statements/Notices/1099-INT and choose Statements/Notices after 9/1/2024, then look for the 2024 1099-INT statement. Members may also download and print their statements.
- 1099-INTs will not be sent to members whose combined interest on all accounts totaled less than $10 in earned dividends during 2024.
- In accordance with IRS regulations, tax statements are not generated for interest paid by members on personal and vehicle loans. The 2024 total interest paid year-to-date on all accounts may be found on your December year-end statement.
Please use our chat services or call us at 888-521-5209 with any questions between the hours of 7:30 a.m. to 5:30 p.m. CT, Monday – Friday.