Tax Information


Tax season is upon us! To help navigate this busy time, we've gathered key details and resources that our members often look for

Tax Forms

Form Name

Received For

Mailed By
December 2025 Statement BHCCU Members January 8th
1098
Home Equity or Mortgage loan interest paid
(If total interest paid is $600.00 or more)*
 January 31st
1099-INT
Dividends earned on deposit accounts
(If you received $10.00 or more in interest)*
 January 31st
1099-R IRA distributions January 31st
1099-Q Coverdell Education Savings account distributions January 31st
5498 IRA contributions and rollovers May 31st
5498-ESA Coverdell Educational Savings account contributions and rollovers May 31st
*NOTE: If you did not receive a tax form, it may be because minimum dividend/interest requirements were not met for BHCCU to generate one. Please visit your local branch or contact our Call Center at (608)755-6065, with any questions. We can always print off your YTD and Last Year Tax Information, or your December 2024 statement.
The availability date for online forms may differ from the mailed-by date noted above. While we make every effort to provide your interest statements online, certain circumstances may prevent the notice from appearing in Online & Mobile Banking, making it unavailable for online viewing. If you’d like to go paperless for tax statements and forms, we encourage you to enroll in Online & Mobile Banking.

Access Your Tax Forms

1. Log into Online Banking
2. Select eDocuments from the Main Menu
3. Scroll down to eTax Forms
4. Click on the tax form you want to view

Subscribe to BHCCU eStatements

To view your statements as eStatements, you first have to subscribe to eStatements. If you have not subscribed and receive your printed statements in the mail, you will not see your eTax Forms.
 

Here to Help with BHCCU Tutorials

Available in video format and written out step-by-step to better help serve our members.

Online & Mobile Banking Tutorials

Mortgage Escrow Property Tax Payments

If you selected to have your taxes paid in December and to be sent directly to the tax payee, the municipality will be issued the payment by December 31st. If you selected January, the municipality will be issued the payment by January 31st.

























Direct Deposit Your Refund: What You Need to Know

As you prepare for the upcoming 2026 tax season, we want to make you aware some tax filings in 2026 may require the use of ACH for direct deposit or electronic payment. To ensure a smooth process, please be sure you know both our routing number and your account number before filing your taxes.


 

Routing Number

BHCCU's routing number is 275978048

 

Account Number

You can locate your account number in the following places:
 
• On your Membership Card
• Bottom of your checks
• Mobile & Online Banking
(See below)




















Navigating Mobile Banking and Online Banking

  1. Click on the Menu Icon (three stacked lines) and select "Accounts"
  2. Next, select either "Savings" or "Checking", based on which of the two account numbers you are looking for *
  3. Once you are in the desired account, scroll mid-page till you see "Details", and below that, "Account numbers"
  4. Both your "Account number" and "Routing number" can be found here
* If you want to use your Savings account number but cannot locate it in mobile or online banking, please contact our Call Center at (608) 755-6065.
 
NOTE: Your account number is not listed on your monthly member statements for the safety of your account and privacy.
 
IMPORTANT: Deposits that do not contain the correct member name, routing number, account number and account type could result in the transaction being rejected.

Vehicle Loan Interest Deduction: Everything You Need to Know—From Qualifying to Claiming

What Is Vehicle Loan Interest Deduction?

A recent federal change—part of the One Big Beautiful Bill Act (OBBBA)—introduces a new tax benefit for eligible taxpayers who finance a qualifying new vehicle. You can begin claiming this deduction on your 2025 tax return, filed in early 2026. As long as you continue to make interest payments on a qualifying loan and meet all criteria, the deduction may be claimed annually through 2028. This new deduction allows qualifying taxpayers to deduct up to $10,000 in interest paid on eligible vehicle loans. It applies to new vehicles purchased from January 1, 2025, through December 31, 2028. You may claim this deduction whether you take the standard deduction or itemize.

The information needed to file vehicle loan interest deduction is located on your January 31, 2026, statement. This information is also available in Online Banking by selecting "Loan Details". To qualify, both the vehicle and the taxpayer must meet specific guidelines.

Eligibility Requirements:

Vehicle Requirements

To qualify, the vehicle must:

Be new — previously owned or used vehicles do not qualify

Have final assembly in the United States

Have its VIN (Vehicle Identification Number) included on your tax return

Loan Requirements

The loan must:

Be secured and used exclusively to purchase a qualifying new vehicle

Be originated between 2025 and 2028

Have interest paid within the tax year you’re filing for

Income Limits

The deduction phases out based on Modified Adjusted Gross Income (MAGI):

Phase-out begins at $100,000 for Single filers and $200,000 for Married Filing Jointly

Fully phases out at $150,000 (Single) and $250,000 (Married Filing Jointly)
If your income is within the phase-out range, you may still receive a partial deduction. The deduction is reduced by $200 for every $1,000 your MAGI exceeds the phase-out starting point. EXAMPLE: If a taxpayer has a MAGI of $110,000 and qualifies otherwise, their deduction would be reduced by $2,000, allowing for a maximum deduction of $8,000.

Claim Deductible Vehicle Loan Interest

To deduct eligible car loan interest:

  1. Gather your loan records and documentation.*

  2. Enter your loan information—including the VIN—on Schedule 1-A, Part IV.

  3. Submit Schedule 1-A along with your Form 1040.

*For the 2025 tax year, you may need to request a statement from your lender. In later years, lenders that receive qualifying vehicle loan interest payments will issue a form similar to Form 1098.

On the next tab, Tax Season FAQs, you'll find frequently asked questions regarding Vehicle Loan Interest Deduction answered at the bottom of the page.
 
For further questions, please check with your Tax Advisor and visit IRS.gov. 



Treasury, IRS provide transition relief in 2025 for businesses reporting car loan interest under the One, Big, Beautiful Bill

Published October 21, 2025
 
WASHINGTON — The Department of the Treasury and the Internal Revenue Service today provided transitional guidance for businesses required to report car loan interest under the One, Big, Beautiful Bill.






















Tax Season Frequently Asked Questions

Why is the principal balance on my 1098 incorrect?

The principal balance reflected on your 1098 is the principal balance at the beginning of the year, or the original loan amount if your loan originated last year. It is not the principal balance at the end of the year.

 

Can I access my 1098 interest mortgage statement online?

You can access your 1098 interest mortgage statement through Mobile & Online Banking under eDocuments. Also, by using My Mortgage, go to Account Info, and you'll find Documents.

Can I have a copy of my property tax bill?

If you need a copy of your tax bill, please reach out to your municipality directly. BHCCU only receives the payment amount for the outstanding taxes and does not have access to the actual bill.

Can I change the month Blackhawk Community Credit Union pays my taxes? Can I pay my property taxes instead of having an escrow account?

If you wish to change the month your tax payment is made or close your escrow account to pay your taxes directly, a written request is required. To obtain the necessary form, please contact us.

How are my mortgage taxes paid?

If you’ve chosen to escrow your taxes, and requested us to pay the municipality directly, we’ll obtain the required real estate tax amount and pay the municipality directly as the taxes become due. These tax payments reflected on your billing statement.

How do I receive a copy of my account interest 1099?

Members who earned $10.00 or more in dividends on any given share during the year will receive a 1099 form in the mail. These forms are postmarked by January 31 of each year. Members can find Last Year Tax Information on their December 2024 statement (YTD Interest).

How can I get proof of my IRA contributions?

The 5498-tax form shows all contributions made into an IRA for the year. 5498 forms are not mailed out until the end of May. Should you need proof of your contribution, visit your local branch to have your contribution form(s) printed out for the year.

What is form 1098?

It is a tax document used to report specific expenses that may qualify for tax deductions. Common versions are the Mortgage Interest Statement, 1098-E for student loan interest, and 1098-T for tuition payments. Form 1098-INT is sent to members who paid $600 or more in interest.

What is form 1099-INT, and when should someone expect to receive it?

Financial institutions are required by the IRS to report the total amount of interest paid to you each calendar year. This information is provided on a form that is mailed and postmarked by January 31 each year. Please note that if the total interest paid to you is less than $10, a Form 1099-INT will not be issued. You can find the total interest paid for the year on your December statement.

What is form 5498?

Known as "IRA Contribution Information", it is an IRS form that tracks your IRA contributions and activity for the year. Your IRA provider files this.

What is Blackhawk Community Credit Union's Tax ID number for my tax return?

BHCCU's Federal Tax ID number is 39-6086299.

Vehicle Loan Interest Frequently Asked Questions

Is car loan interest tax deductible? 

Yes—if you, the vehicle, and your loan meet the requirements for tax years 2025 through 2028.

Can I deduct interest on a used vehicle? 

No. Only new vehicles qualify under the OBBBA car loan interest provision.

When can I claim this vehicle loan interest deduction?

You can begin claiming this deduction on your 2025 tax return, filed in early 2026. As long as you continue to make interest payments on a qualifying loan and meet all criteria, the deduction may be claimed annually through 2028.