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Expert Tips for a Stress-Free Tax Season
Tax season can be a stressful time for many but understanding a few key concepts and staying organized can make the process smoother. Whether you're filing on your own or seeking help, being informed about important deadlines, deductions, and tax forms can help you avoid surprises come April 15.
According to the Tax Foundation, in a study of nearly 3,000 individuals only 2% exhibited proficient tax knowledge. In this Q&A with KCU Operations Support Specialist, Pennie Dutton, we’ve gathered essential tips and advice to help bridge that knowledge gap and allow you to best prepare and maximize your tax benefits, along with some useful information specific to your accounts at Kitsap Credit Union.
Let’s dive in and make tax season a little easier!
Q: What are a few important things I need to keep in mind during tax season?
A: Here are some things to consider this tax season:
Q: What tips or advice do you have to make tax season easier?
A: You can make tax season a bit easier by understanding your filing status to determine tax rates, standard deductions, and eligibility for credits. You’ll want to gather all tax documents like W-2s, 1099s, and 1098s to make filing easier. Try using a tax prep checklist like this one from the IRS. Next, decide whether to file taxes yourself for cost savings or use a preparer for expertise.
Q: Will KCU send me any tax documents?
A: Yes, if you have earned $10.00 or more, KCU will report to the IRS and you will receive a 1099-INT for filing adjusted income.
Q: How do I access my tax documents at KCU and when will I receive my tax documents?
A: There are a few ways that documents can be received:
A: Taxes are due April 15. For any additional questions about dates or extensions visit the IRS website.
Q: Is there anything else I should know?
A: Here are a few additional tips to consider during tax season:
According to the Tax Foundation, in a study of nearly 3,000 individuals only 2% exhibited proficient tax knowledge. In this Q&A with KCU Operations Support Specialist, Pennie Dutton, we’ve gathered essential tips and advice to help bridge that knowledge gap and allow you to best prepare and maximize your tax benefits, along with some useful information specific to your accounts at Kitsap Credit Union.
Let’s dive in and make tax season a little easier!
Q: What are a few important things I need to keep in mind during tax season?
A: Here are some things to consider this tax season:
- Remember to ask you parents or guardians if they’re claiming you as dependent on their taxes.
- From accountants to tax software, there are plenty of places for you to turn for help filing your taxes.
- Depending on your income the IRS offers free software to guide you through the process of completing your returns.
Q: What tips or advice do you have to make tax season easier?
A: You can make tax season a bit easier by understanding your filing status to determine tax rates, standard deductions, and eligibility for credits. You’ll want to gather all tax documents like W-2s, 1099s, and 1098s to make filing easier. Try using a tax prep checklist like this one from the IRS. Next, decide whether to file taxes yourself for cost savings or use a preparer for expertise.
Q: Will KCU send me any tax documents?
A: Yes, if you have earned $10.00 or more, KCU will report to the IRS and you will receive a 1099-INT for filing adjusted income.
Q: How do I access my tax documents at KCU and when will I receive my tax documents?
A: There are a few ways that documents can be received:
- If you have multiple accounts, your 1099-INT will combine all interest earned on all of the accounts you are listed as primary on and will show on the oldest account you hold as primary.
- If you are set to receive your documents electronically, you will find them in the Statements tab under “eTax Forms,” 1099-INT (if earned $10 or more in dividends) and 1098 (if paid more than $600 in interest). These are usually generated at the end of January and should be available mid-February in your Statements tab.
- If you have not received electronic documents, they will be mailed and should be received by mid-to-late February.
- For IRA documents these are sent out by mail only, 1099-R and Fair Market Value (FMV) are generated mid-January to be received mid-to-late February.
- 5498 is for IRA contributions which can still be made for prior year until Tax Day (April 15 this year) and will be generated in Mid-May and mailed.
- If a 1099-INT or 1099-R needs corrections, corrected documents will be mailed to members.
A: Taxes are due April 15. For any additional questions about dates or extensions visit the IRS website.
Q: Is there anything else I should know?
A: Here are a few additional tips to consider during tax season:
- If you normally receive a large refund or often owe taxes, try using the IRS Tax Withholding Estimator for recommendations on how much to withhold.
- There are many types of investments that may help reduce your tax burden, consider consulting an investment or tax professional to discuss your options or visit the IRS page regarding Retirement Savings Contributions Credit for additional information.
March 31, 2025