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Tax Forms

Each year, you may or may not get a tax form from MIDFLORIDA depending on the amount of interest you have earned on your account, and/or paid for your mortgage, during the calendar year, and whether you received any miscellaneous income, such as prize money.

Which forms will I get, and why?

A 1099 is used for sources of income other than salary and wages, and it’s important to note that not all 1099 forms are the same. While a 1099-INT form is used for reporting interest income, a 1099-MISC is used for just that…miscellaneous income.

These forms are generated for our members only if the following income criteria are met.

  • 1099 INT- interest earned totaling $10 or more
  • 1099 MISC – Prize winnings totaling $600 or more
  • 1098 – Mortgage interest paid totals $600 or more
  • 1099R – For any retirement account distribution

Will all members of my household receive the same forms?

Not necessarily. Tax forms are generated per individual, which means that not all members will receive one. For example, if you earned more than $10 in interest on your primary account, but your spouse has a separate account which earned less than $10 in interest, only you will receive a tax statement. Joint accounts will receive only one of each applicable form, mailed to the primary account holder.

Can I get my tax forms online?

Yes. If you’ve opted to receive your forms online, all you have to do is log in to Online Banking and click the Tax Forms tab. Applicable tax forms that are available to you will appear in the drop-down menu. If you log in after tax forms are available for the prior year (generally in late January) and receive the message “No tax documents available,” then your situation did not cause a tax form to be generated for the prior year.

Note: 1099 MISC forms are not available online at this time, so if your situation generated a 1099 MISC, it will be mailed to you.

When is it too late to opt in to receive my tax forms online?

You can opt in at any time. Just log in to Online Banking and click the Tax Forms tab and look for the link that says “To sign up, click here!” You will be able to immediately see tax forms that apply to you (1099 INT, 1099R and 1098 only), going back at least 2 years. 1099 MISC forms are not available online at this time.

If you do not opt in to receive your tax forms online and you should be getting 1099 or 1098 forms, they will be mailed to you by the end of January each year.

How can I request a reprint of the tax form that was mailed to me?

You can request a reprint at any branch, or by calling our Help Desk at 863-688-3733 or toll free 866-913-3733. Note that we can only mail tax forms to an address on your account records.

What is included in the “Other” dollar amount in Box 10 of my 1098 form?

Depending on your personal circumstances, this amount may include a few different numbers, such as property taxes or late fees, but are totaled together. For filing purposes, if you need a more specific breakdown of the items that contribute to the amount in Box 10, please contact our Help Desk at 863-688-3733 or 866-913-3733.

Where’s my tax refund?

MIDFLORIDA processes all ACH deposits, like those from payrolls or tax returns, within one business day of receiving the electronic file. This means that while companies that prepare your taxes may request that your refund be processed, the money will only appear in your account once it is actually received by MIDFLORIDA (which could take some time).

A Note for Businesses

As a convenience for our business members, the interest paid on all business loans is reported to the IRS. The term “mortgage interest” is listed on the 1098 and includes any interest paid on a business loan for the prior year that totals $600 or more. This may include any real estate taxes if you had an escrow account with us.

The 1098 is issued to the Tax-Reported Owner of the account.