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TAX SEASON

Make the Most of Your Tax Return

Tax season is upon us. Although the deadline for filing your federal income tax is typically April 15, this year, the deadline is April 18. Why? April 15 falls on a Saturday this year. When the tax deadline falls on a weekend, the IRS moves it to the next business day. Interestingly, Monday, April 17 is a recognized holiday in Washington, DC, which is where the IRS is headquartered. As a result, the deadline this year is Tuesday, April 18, 2023.

As a member of UFirst, you may receive one or more of the following tax forms:

1099-INT

  • You will receive a 1099-INT if your combined dividend-earning accounts earned $10 or more
  • Paper copies are mailed on or before January 31
  • Digital copies are available through Online Banking

1098

  • You will receive a 1098 if your paid mortgage interest is $600 or more
  • Paper copies are mailed on or before January 31
  • Digital copies are available through Online Banking

1099-R

  • You will receive a 1099-R if you received a distribution of $10 or more from an IRA or Qualified plan
  • Paper copies are mailed on or before January 31
  • Digital copies are available through Online Banking

File Your Simple Taxes Free

We want to make filing your Simple tax return free and easy. UFirst members can use Intuit TurboTax to file Federal and State tax forms free of charge. Learn more or file your tax forms here.

Find more information about IRS forms and instructions here.

Direct Deposit Your Refund

There is no need to wait for a refund check to come in the mail. You can have your refund deposited automatically into your UFirst account. No matter how you file your taxes, you will need the following information to have your refund deposited directly:

  • Our routing number which is 324079416
  • Your account number

Constantly checking your account for your refund is a thing of the past. You can set up an alert that will notify you as soon as your refund hits your account. To set up an alert and choose a delivery method, login to Mobile Banking, click Settings, then Alerts.

Smart Ways to Use Your Tax Refund

There are many options for using your tax refund. It can be used as a down payment on a new car, maybe take a vacation, or view it as a bonus! Tax refunds are also a chance to reach some financial goals such as creating an emergency savings account, paying off a credit card, or saving for retirement.

Here are some ideas for your tax return:

  • Create an Emergency Fund

    If the recent past has taught us anything, it’s that life is unpredictable. You don’t know when a medical emergency, car repair, or job loss might occur. Emergency funds are a safety net for you and your family. The general rule of thumb is to keep three to six months of expenses in an account. You also want to keep your emergency fund in a liquid account such as a Savings Account or Money Market Account.

  • Pay Down Debt

    Credit card or other loan debts can be stressful. Using your refund to pay down debt can help relieve some of that financial burden.

  • Grow Your Wealth

    Put your refund to work for you with a UFirst Certificate account. Our certificates offer competitive payout rates and a variety of terms and options. Learn more about our certificate products here, like our U Save Account that enables you to add to your savings at any time, or stop by your local neighborhood branch for more info.

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