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Personal Banking
Personal Banking
Tax Forms
Filing your taxes can be stressful, and to help navigate the process of identifying which tax forms you need for your accounts, we have compiled a list of the forms that INTRUST Bank may provide to you, along with a brief description of each and when they are generated.
How Tax Forms Are Sent
Some tax documents are available through online and mobile banking if you choose to enroll in electronic documents. Documents that are available online are marked “Available online” in the list below. Visit our Electronic Tax Documents Enrollment Instructions and FAQ for more information.
If you do not want to receive your tax documents electronically, or your documents are available by mail only, we will mail your documents by the listed deadlines. Pease allow a few extra days for your documents to arrive.
To prevent mailing delays, please make sure the address we have on file for you is up to date. If you need to verify or update your address, you can do so through online and mobile banking, by visiting a nearby banking center, or by contacting us.
Common Tax Forms
1042
You will receive this form if you reside outside of the U.S. The purpose of this form is to capture the income that your account earned and the amount of tax that was withheld. We will make this form available to you by March 15.
1098 — Available online
You will receive this form if you as an individual or your trust are the primary borrower on a real estate secured loan and you as an individual or your trust paid interest totaling $600 or more. We will make this form available to you by January 31.
1099-A
You will receive this form if INTRUST Bank reported your secured real estate property to the IRS as an acquisition due to foreclosure or abandonment. We will make this form available to you by January 31.
1099-B
You will receive this form if you are an INTRUST Wealth customer whose advisor sold stocks, commodities, options, or other securities on your behalf. The purpose of this form is to report your taxable gain or loss for the year. We will make this form available to you by February 15.
1099-C
You will receive this form if $600 or more of your debt was canceled or forgiven (often due to foreclosure, abandonment, or repossession of your secured real estate property). Your canceled or forgiven debt is generally considered taxable income, which means it must be reported to the IRS. We will make this form available to you by January 31.
1099-INT — Available online
You will receive this form if your INTRUST deposit accounts earned a combined total of at least $10 in interest. We will make this form available to you by January 31.
1099-MISC — Available online
You will receive this form if your INTRUST deposit accounts earned a total of at least $600 in miscellaneous income. Miscellaneous income can include prizes, awards, or bonuses given to you by INTRUST Bank. We will make this form available to you by January 31.
1099-NEC
You will receive this form if INTRUST Bank made payments to you totaling more than $600 and you are not an employee of INTRUST Bank. For instance, you may be an independent contractor hired by INTRUST to complete a specific project. The purpose of this form is to capture self-employment income. We will make this form available to you by January 31.
1099-OID
You will receive this form if you have reportable original issue discount interest of at least $10. Original issue discount is when you purchase a bond, debenture, note, or certificate of deposit at a discounted price from its maturity value. When the investment matures, you will capture that discount as taxable income that must be reported. We will make this form available to you by January 31.
1099-Q — Available online
You will receive this form if you take a distribution from your INTRUST Coverdell Education Savings Account. Distributions used for qualified education expenses are generally tax-free. We will make this form available to you by January 31.
1099-R — Available online
You will receive this form if you take a distribution of $10 or more from your INTRUST Individual Retirement Account (IRA). Depending on the type of IRA you have, the distributions may be considered taxable income. We will make this form available to you by January 31.
1099-S
The purpose of this form is to report taxable income from a real estate transaction. You may receive this form if you do not meet the IRS requirements for excluding taxable gain from your real estate transaction. We will make this form available to you by February 15.
1099-SA — Available online
You will receive this form if you take a distribution from your INTRUST Health Savings Account (HSA). Distributions used for qualified health expenses are generally tax-free. We will make this form available to you by January 31.
5498 — Available online
You will receive this form if you make contributions to your INTRUST Individual Retirement Account (IRA). We will make this form available to you by May 31.
5498-ESA — Available online
You will receive this form if you make contributions to your Coverdell Education Savings Account. We will make this form available to you by April 30.
5498-SA — Available online
You will receive this form if you make contributions to your INTRUST Health Savings Account (HSA). We will make this form available to you by May 31.
Additional Tax Document Information
The tax forms you receive from INTRUST Bank may vary year to year depending on your account activity. Receiving a tax form one year does not guarantee that you will receive the same form in subsequent years. If your account did not meet the criteria noted for a specific tax form, that tax form does not exist for your account this tax year. We will not mail that tax form to you, and we cannot generate a copy of it for you.
If you believe your account has met the criteria for a specific tax form, and you have not yet received that form, please call 800-895-2265 or visit a nearby banking center to inquire.
This information is general in nature and is not intended to be, and should not be construed as, legal or tax advice. In addition, the information is subject to change and although based upon information that INTRUST considers reliable, is not guaranteed as to accuracy or completeness. INTRUST makes no warranties with regard to the information or results obtained by its use and disclaims any liability arising out of your use of, or reliance on, the information.
If you have questions about the content of these forms, you should consult your tax advisor.
Posted:
10/19/2022
Category:
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