Tax Filing Information

Answers To Your Tax-Filing Questions

It's tax time again, and Columbus Metro is pleased to offer the following tax-related information for its members. Click each topic below for related information that may be helpful when it comes to filing your 2007 tax return.

If you read through the FAQ and do not find an answer to your general question, please email us at cmfcu@columbusmetro.org. Please note that we cannot provide tax advice -- please contact your tax advisor or consult the Internal Revenue Service with specific questions about your personal circumstances.

Tax Preparation | Tax Forms | Direct Deposit | Tax Refund Checks | IRAs | Tax Rebates

Tax Preparation

Q: Does Columbus Metro offer tax preparation services? Back to top

A: Columbus Metro does not prepare members' tax returns. We do, however, offer members two ways to save time and money on tax preparation:

• If you prefer to do your taxes yourself, you can use the TurboTax^® Online Free Edition or save 10% on TurboTax Deluxe Online. Click here for more information on these offers.

• If you prefer to work with a tax professional, you can save $25 on tax preparation services through April 30, 2008, when you work with a local Jackson Hewitt tax pro. Click here for more information on this offer.

Columbus Metro Federal Credit Union is not responsible for the content or availability of linked sites. The Credit Union does not represent either the third party or member if the two enter into a business relationship. Privacy and security policies may differ from those of Columbus Metro Federal Credit Union.

Q: How does TurboTax Online work? Back to top

A: TurboTax Online allows you to prepare your personal income tax return securely and accurately online. You answer a series of simple questions, and the program -- which is up to date on the latest tax law changes -- selects the appropriate tax forms, does the math and completes your return. There is no need to buy software or download a program. If you can't complete your return in a single session, the program saves your information until you access it again using a user ID and password.

TurboTax Online Free Edition, for those who would normally file form 1040EZ, is free and includes free e-file (state returns are additional). TurboTax Deluxe, Premier and Home & Business are also available; click here for more information and pricing.

Q: I'm having problems with TurboTax Online. Who do I call? Back to top

A: For assistance with TurboTax Online, please call CU Tax Services at 800.613.4406 or e-mail support@cutaxservices.com. Credit union staff cannot provide technical support for TurboTax Online.

Tax Forms

Q: What tax forms will I receive from Columbus Metro? Back to top

A: Depending on the accounts you have at Columbus Metro, you may receive one or more of the following forms:

• Form 1098, Mortgage Interest Statement View Sample - Reports the interest paid on a mortgage loan or home equity loan or line of credit. Please note: Only those members who paid more than $600 in mortgage interest in 2007 will receive this form. If you paid less than $600, this information is available on your December 31, 2007 account statement or through MetroTeller or MetroWeb.

• Form 1099-INT, Interest Income View Sample - Reports the dividends earned by your deposit accounts, including savings accounts, Deluxe checking, money market accounts and/or certificates. This form is also used to report interest earned on any U.S. Savings Bonds that were redeemed in the last year. Please note: Only those members who earned more than $10 in dividends will receive this form. If you earned less than $10, this information is available on your December 31, 2007 account statement or through Metro Teller or MetroWeb.

• Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. View Sample - Reports distributions (withdrawals, rollovers or recharacterizations) from an IRA.

• Form 5498, IRA Contribution Information View Sample - Reports contributions (including rollover contributions) to traditional and Roth IRAs, as well as IRA recharacterizations and the fair market value of the account. The form also indicates whether you must take a Required Minimum Distribution from your IRA.

• Form 5498-ESA, Coverdell ESA Contribution Information View Sample - Reports contributions (including rollover contributions) to a Coverdell Education Savings Account, as well as the fair market value of the account.

Q: When will I receive my tax forms? Back to top

A: You should receive forms 1098, 1099-INT and 1099-R by January 31, 2008. The same information is also available on your account statement dated December 31, 2007, as well as through MetroWeb and MetroTeller. Keep in mind that you will not receive a 1099-INT unless you earned $10 or more in dividends. Likewise, you will not receive a 1098 unless you paid $600 or more in mortgage interest.

You will receive Form 5498 or 5498-ESA with your IRA contribution information by May 31, 2008.

Q: I didn't receive my tax forms. What should I do? Back to top

A: You can obtain the necessary information from your December 31, 2007 account statement or by using MetroWeb or MetroTeller. After January 31, you can also contact us for duplicate copies of any tax forms sent to you.

Q: Where can I find my tax information on MetroWeb and MetroTeller? Back to top

A: You can obtain your tax information for both the current and previous tax year on both MetroWeb and MetroTeller.

• On MetroWeb: Log on to your account and select Year To Date from the main menu, then click on the appropriate menu item -- IRA Contributions, Dividends Earned or Interest Paid.

• Through MetroTeller: From the main menu, press 7 for Additional Options, then press 2 for Year-To-Date Information. Choose 1 for IRA Contributions, 2 for Dividends Earned or 3 for Interest Paid.

Direct Deposit

Q: Why should I use direct deposit for my tax refund? Back to top

A: Whether you file electronically or on paper, direct deposit gives you access to your refund at least one week faster than a paper check. Nearly three out of five taxpayers chose direct deposit for their refunds last year. Direct deposit also avoids the possibility that your check could be lost or stolen or returned to IRS as undeliverable.

The IRS allows you to split your refund with direct deposit into two or three checking or savings accounts. To split your refund, use IRS Form 8888, Direct Deposit of Refund to More Than One Account. (If you want the IRS to deposit your refund into just one account, use the direct deposit section on your tax form.)

Q: How do I complete the direct deposit portion of my tax form?

A: To complete the direct deposit portion of your 1040, you'll need Columbus Metro's routing number (244077226) and your account number.

On the form, you'll need to indicate whether your refund is going to a checking or savings account.

• To deposit funds to your savings account, use the account number on your membership card or statement (most are six digits long, though some are just four or five digits).

• To deposit funds to your checking account, please use the 14-digit account number printed at the bottom of your checks.

If you have any questions about completing the direct deposit portion of your tax form, please contact our ACH coordinator at 614.239.0210 or 800.986.3876, extension 3002.

Q: What is Columbus Metro's routing number? Back to top

A: Columbus Metro's Routing Number is 244077226.

Q: Where can I find my account number? Back to top

A: If your deposit will go to your savings account, use the account number on your membership card or statement (most are six digits long, though some are just four or five digits). If you are depositing your refund to your checking account, please use the 14-digit account number printed at the bottom of your checks.

If you cannot find your account number, please contact us and we will send it to you. Please note that for security reasons, we cannot provide your account number over the phone or by e-mail. We will mail the information to the current address on file for your account.

Tax Refund Checks

Q: What if I receive a paper check from the IRS? Back to top

A: If you receive a paper check, federal rules require that deposits match the account ownership. If you file a joint tax return and want to do anything other than deposit your refund check to a joint account, both parties must be present with valid photo identification.

Q: Will there be a hold on my tax refund check? Back to top

A: If you receive a paper check issued by the Internal Revenue Service, funds from the check will be available immediately. Funds from refund anticipation checks issued by tax preparers like Jackson Hewitt and H&R Block will not. The first $1,000 of these checks will be available immediately, while the remainder will be held in accordance with our normal guidelines.

IRAs

Q: What is the deadline for making an IRA contribution? Back to top

A: You can open or contribute to a traditional or Roth IRA or Coverdell Education Savings Account (formerly the Education IRA) until April 15, 2008. If you make a contribution in person between January 1 and April 15, we will ask you to complete a Contribution Direction Form indicating whether the contribution is for tax year 2007 or 2008. Contributions made through payroll deduction are automatically credited towards tax year 2008.

Q: What is the maximum amount I can contribute to my IRA? Back to top

A: For tax year 2007, you may contribute up to $4,000 to a traditional and/or Roth IRA ($5,000 if you are age 50 or older). For tax years 2008 to 2010, the limit increases to $5,000 ($6,000 for taxpayers 50 and older). For a Coverdell Education Savings Account, you may contribute up to $2,000 per year per child. For more information, view our IRA Comparison Chart or visit www.irs.gov.

Tax Rebates

Q: What is the tax rebate? Back to top

A: The tax rebate is a one-time cash payment to most American households. As the major part of the government's economic plan to prevent a recession, the rebates are intended to stimulate the economy by encouraging consumer spending.

Q: How will the rebates work? Back to top

A: The rebates are based on your income, how many children you have and whether you receive Social Security or disabled veterans' benefits.

• Most individual taxpayers will get $600 and most married couples will receive $1,200.

• Lower-income earners who make at least $3,000 but pay no taxes will get at least $300 per person or $600 per couple.

• Social Security recipients and disabled veterans, even if they pay no income taxes, will receive at least $300 each or $600 for couples.

• In addition to the tax rebates above, households will receive $300 per child under age 17.

• Higher-income earners would be excluded, with tax rebates reduced by $50 for every $1,000 of adjusted gross income above $75,000 for single taxpayers and $150,000 for couples. The rebates phase out completely at $87,000 in adjusted gross income for single taxpayers and $174,000 for couples.

To receive the rebate, you must have a valid Social Security number and you must file a 2007 tax return, even if you normally aren't required to file based on low income or your status as a Social Security recipient or disabled veteran. For complete details, visit the Internal Revenue Service's web site at www.irs.gov.

Q: When will I get my tax rebate? Back to top

A: You could get your rebate as early as May if your tax return has been processed by April 15. Stimulus payments will be direct deposited for taxpayers who selected that option when filing their 2007 tax returns. Other eligible taxpayers will receive checks by mail.Your specific payment date is determined by the last two digits of your SSN as follows:

To get your rebate as early as possible, file your taxes now. Try TurboTax and see how easy it is to finish your return.

Q: Will the tax rebate affect by 2007 tax return? Back to top

A: The rebate will not affect the 2007 taxes you owe. Do your 2007 federal taxes as usual.

Even if you are not usually required to file, but are eligible to receive a tax rebate, you must file a 2007 return to get your rebate. That way, the IRS can see that you qualify and send you a check.

So don't wait any longer; get started now! TurboTax^® has a variety of online and download^* tax products to meet your unique tax needs. Learn more today.

^*E-file charges apply to downloadable TurboTax products. Prices determined at the time of print or e-file. Prices and product offerings are subject to change without notice.

Content provided courtesy of Intuit, Inc. All rights reserved. Article last updated February 13, 2008.

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