Your year-end tax statement from Credit Union of Texas contains documents that summarize your payments, escrow account activity, interest paid and if applicable, interest earned over the last 12 months. Along with this statement, you will receive your 1098 and/or 1099INT (if applicable), which you will submit when filing your tax return. Or they may be mailed separately. If you chose electronic delivery, these would be emailed to you. Regardless, you can expect all necessary documents for filing no later than January 31.

Was your loan transferred during the previous year? If so, this means that you`ll receive statements from Credit Union of Texas as well as your previous servicer. You can expect to receive both no later than January 31.

Not surprisingly, people tend to have a lot of questions about year-end statements. That’s why we grabbed some bean bags, brewed some tea, and had a chat with our dedicated Homeowner Care Representative in order to find out the most asked questions. Then we committed ourselves to coming up with the clearest, most comprehensive answers for you.

If it does, you`re definitely not alone.

But here`s the basics for the 1098 forms:

There are four types of IRS 1098 forms, including one that tells you how much you`ve paid in mortgage interest in the past year. The other forms are used to report charitable donations, tuition expenses, and student loan interest. You`ll receive your 1098 forms in the mail around tax time and use them to prepare your taxes.

A standard Form 1098, or `Mortgage Interest Statement`, is used to report mortgage interest of $600 or more paid to a lender for a mortgage. It will tell you the amount you`ve paid in interest over the past year.

All Form 1098s for the previous year are mailed by January 31st.

If your information isn`t on the 1098, but you signed the mortgage agreement, this may be the reason: There could be more than one name on your mortgage agreement and only the primary homeowner`s information is reported on the year-end statement.

A Form 1099-INT is sent to the taxpayer if their property is located in a state that requires interest to be paid on the balance of their escrow account.

If you live in one of these states and still haven`t received a Form 1099-INT, this might be why: If you were paid less than $10 in accrued interest in your escrow account, or if your interest income was paid by Jan 2, you won`t get a 1099-INT until next year.

Do you believe your interest was reported incorrectly? Don`t worry, here`s what to do:

Take a closer look at your payment history and the effective dates of when your interest was applied for the year. This is where you may be able to find an explanation as to why the amount is different than what you expected.

Of course, it`s always best to talk to your tax advisor to who will be able to advise what is applicable and reportable.

Contact your tax authority or insurance company in order to verify any amounts paid for taxes and or insurance. You can also look at your payment history on your year-end statement to figure this out.

If you still have questions about your year-end statement, trust us, you`re not alone. Call our Homeowner Care Dept at 844-732-7121. We are happy to help you Monday through Friday 8:00 am to 9:00 pm EST, and Saturday 8:00 am to 12:00 pm EST.