Why am I getting a 1099 from CUofCO?

As a new member of the Credit Union of Colorado, you have received or will receive a 1099-INT tax document from us in the mail, which shows the interest you have earned in the past year plus $15.

When you joined the credit union, we deposited $5 into a membership account and donated $10 to the Credit Union of Colorado Foundation on your behalf. Officially, this resulted in a total of $15 of reportable income. According to IRS regulations, we must include this amount in the “interest earned” box of the 1099-INT form.*

The $10 contribution to the Credit Union of Colorado Foundation is an eligible charitable donation you may be able to deduct from your 2022 income taxes. Please consult with an appropriate tax professional.**



*Full IRS requirements can be found here: https://www.irs.gov/instructions/i1099int

**CUofCO does not provide tax, legal, or investment advice. This message does not represent tax, or legal advice, and you should always consult your tax or legal advisor with questions regarding tax issues.