USAA
COMMUNITY

Art59

This past Jan-Feb (2015) we all recieved the series of 1099's from USAA IMCO and USAA Federal Savings Bank (FSB) for the 2014 tax year. I noticed that USAA FSB sent a series of 1099-INT forms for each CD, Savings and Checking account in which interest was earned. I got six seperate 1099-INT forms from USAA FSB. In past years we recieved a consolidated statement from USAA FSB which (in my opinion) made it a little easier when preparing my tax return. Did anyone else notice this change and does anyone know the reason why USAA FSB issued seperate 1099-INT forms for the 2014 tax year? Furthermore, is there anyway we can encourage USAA FSB to return to a consolidated 1099-INT form assuming I'm not the only member who found this a little annoying?

Angela Caban USAA

Thank you for posting in the community, Art59!

I would be more than happy to pass this suggestion over to someone in the bank. We appreciate and value your feedback, thank you!

Art59

AngelaCabanUSAA: As we approach a new (2015) tax seasonwill USAA FSB issue a single, consolidated 1099-INT? Again, this single consolidated document just makes life a little easier.

Thank you.

Angela Caban USAA

Hi Art59!

I would be more than happy to look into this for you.

Art59

Angela: I'll be standing by (for your answer) as I'm sure will many USAA members who have multiple bank accounts (drawing interest) as tax season is quickly approaching.

Please remember, this is not a huge problem but multiple forms just made it a little harder on those of us who file their own taxes. Previous to tax year 2014, the consolidated 1099-INT made life just a little easier and less prone to a mistake.

Therefore please share this exchange with a USAA FSB decision maker.

Angela Caban USAA

Art59,

Thank you for posting in the Community. I did hear back from our bank team and here is the update:

"As was the case last year, members will receive a 1099-INT for each individual account in which they earned in excess of $10 in interest or promotional credits for 2015. USAA will not be providing a consolidated 1099-INT to include all accounts."

Hope this helps, thank you.

Art59

Angela:

Thank you for following up. That answer was not what I was hoping to hear but in fairness you did what I asked, you asked the question on my behalf and got an answer.

Thank you again.

Very respectfully,

Art59