Get Tax Ready

Whether it’s your first or your fiftieth time doing them, taxes can be a bit taxing. The deadline to file your taxes or an extension is April 15—preparing beforehand can make it a breeze.

Here are a few pointers to help get you prepared:

Personal Information

1. Social Security and ID Numbers
   You’ll want to gather these for yourself, your dependents, and your spouse (if you’re filing jointly).
    
2. Bank Account Numbers
   You’ll need your account and routing numbers if you get a refund electronically.
   
   If you’re a member, our routing number is 322282603. You can find your account number in digital banking or the bottom of your Arrowhead check.
    
3. Identity Protection PIN (IP PIN)
   You have the option to set up an IP PIN, which is a 6-digit number to use when filing your taxes and may prevent others from filing taxes under your social security number. To set, visit the IRS website.
    
4. Childcare Records
   If you have children in childcare that you claim as dependents, gather the childcare provider’s tax ID number (TIN which may be a social security number), name, and address.

Income Documents

1. Last Year’s Taxes
   Gather both federal and state tax filings. Not only will they refresh your memory about last year’s filing but you’ll need information from them to file this year.
    
2. W-2 Forms
   Contact your employer if you don’t already have your W-2. They are required to provide your W-2 by January 31 or the next business day if it is a weekend or holiday
    
3. 1099 Forms
   These include but are not limited to income sources such as self-employment, unemployment, rental, retirement, alimony, dividends, property sales, virtual currency, and gambling gains.
   
   If you’re an Arrowhead member, are signed up for eStatements, and earned more than $10.00 in dividends for the 2024 tax year, a 1099-INT form will be available through digital banking by navigating to Accounts and selecting Tax Information.
    
4. Dependent Income Statements
   If you claim a dependent who earned money this year, you’ll need these documents to qualify them.

Deduction and Credit Supporting Documents
Deductions can lower your taxable income which affects your tax return/payment. Here are a few of the most common tax deductions you may be able to use. Be sure to ask a tax professional about these and other available deductions.

1. Retirement Contributions
2. Educational Expenses for an Accredited School
3. Qualified Out-Of-Pocket Medical or Dental Expenses
4. Mortgage Interest Paid
5. Charitable Donations
6. Eligible Job-Related Expenses
7. Low to Moderate Earned Income
8. Clean Vehicles
9. Energy-Efficient Home Improvements
10. Child Dependents
11. Other Taxes Paid Besides State Income Taxes, Such as Property taxes

Tax Professional or Tax Preparation Software
Working with a tax professional or using tax preparation software can help make filing a breeze. Whichever you decide to use, keep these two tips in mind.

1. If you’re going to meet with a professional, get on their calendar as early as possible to avoid higher prices and difficult scheduling.
2. If you decide to use software, look for discounts before March 15, when many companies offer price cuts. Your credit union or financial institution might have assistance as well. Our members receive discounts all year for Turbo Tax^®1 and H&R Block².

Your Refund
Take these steps to get your refund faster, keep it secure, and be alerted as soon as it's deposited.

1. Set up an electronic deposit at IRS.gov to get your refund as soon as it’s paid and avoid the possibility of your refund getting lost or stolen in the mail.
2. Know when your refund is deposited to your account by setting a deposit alert in your digital banking platform. To set up alerts in Arrowhead digital banking, go to “More,” then “Tools,” and select “Alerts.”

Annual Financial Review
Once you’ve filed your taxes, take advantage of this time. Your finances are organized and fresh in your mind, so meet with a financial consultant to optimize your financial planning for 2025 and beyond. Our members have access to CFS* Financial Services Consultants³ to assist with a variety of investments and financial goals, including:

• Stocks
• Bonds
• Mutual funds
• Annuities
• College planning
• Retirement planning
• 401K, pensions, and IRA rollovers
• Estate and inheritance planning
• Online access to your account(s)
• Asset allocation and portfolio balancing
  
   

¹ State filing charges apply. Terms, conditions, features, availability, pricing, fees, service, and support options subject to change without notice. Discount applies to the Federal product only and may not be combined with any other offer. Discount not valid for Intuit TurboTax Verified Pros.  

² Restrictions and limits apply.

³ Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the Credit Union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to Credit Union members.