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Escrow and Tax Form Information


Information About Tax Forms & Escrow Letters Frequently Asked Tax Form and Escrow Reporting Questions

Click on any of the questions below for the expanded answer.

Tax Forms:

  •  When will the various tax forms be available?

    INFO

    • 1098 and 1099INT forms are available for viewing and printing each year in the "View Statements and Notices" section of Online Banking. If you need assistance in creating a user name and password, please call the Member Service Center.
    • Mailing of printed 1098 and 1099INT forms begins at the end of January each year. SCCU is required to postmark these forms by January 31st of each year.
    • SCCU is required to provide the previous year's total Private Mortgage Insurance (PMI) payments, if it exceeds $600 per loan, on first mortgages by January 31st of each year. This information is provided on the IRS Form 1098.
    • A 5498 form will be produced if there are changes to an IRA in the first 4 months of the year (last 4 months of the tax year), and will be postmarked no later than May 31st of each year.
    • NOTE: All tax forms will be available for viewing and printing in the "View Statements and Notices" section of Online Banking as they are produced. Your tax forms will be in the TAX STATEMENTS area.
  •  Can I find what interest was earned or paid for the year someplace other than the tax forms?

    The total interest amounts earned and paid is shown on the final account statements for the calendar year (December). These can be accessed through the "View Statements and Notices" Section of Online Banking. The amounts specific to each share account are located at the end of each section "After Y-T-D Dividend" The totals for the year are located at the very end of the statement and look like this: FOR 2008 REPORTING SSN XXX-XX-XXXX IRA YTD DIVIDENDS 0.00 OTHER YTD DIVIDENDS 11.79 TOTAL YTD DIVIDENDS 11.79 TOTAL YTD WITHHOLDING 0.00 TOTAL YTD FOREITURES 0.00

  •  What is the minimum amount of interest earned or paid that is required for SCCU to produce a tax form 1099INT?

    $10 is the minimum amount that triggers the production of a tax form. This number is the total of the interest earned on all interest-earning accounts held by a member. For example, if you have a savings account and an interest-earning checking account, you will receive a form if the interest earned from those two accounts totals $10 or more. If the amount is less than $10, no form is produced.

  •   Does every member get a 1099INT for interest earned on accounts?

    You will receive a 1099INT only if the total interest earned on all your non-IRA savings, checking, and CD accounts totals at least $10 for the year. Reporting is provided for the primary account holder's Social Security Number. We provide one 1099INT per Social Security Number, so if you are primary on more than one SCCU membership, you will receive only one 1099INT reflecting the interest earned for the accounts in all those memberships. (Note: Interest for IRA accounts is reported separately from other deposit accounts on a 1099R form.)

  •  For joint accounts will both names appear on the tax form?

    1098's are printed with the primary member's name and social security number per IRS requirements. The joint name is not required on the 1098.

  •  Why does my account number have extra digits on the tax form?

    1098's are printed as per IRS requirements under IRS 1220 publication. This requires an account number field with a length of 20 characters. Therefore, you will see additional numbers in front of your member and suffix number in order to produce the required 20-digit number. This is done only when producing the form and does not affect your SCCU account number.

  •  Why does my account number have extra digits on the tax form?

    1098's are printed as per IRS requirements under IRS 1220 publication. This requires an account number field with a length of 20 characters. Therefore, you will see additional numbers in front of your member and suffix number in order to produce the required 20-digit number. This is done only when producing the form and does not affect your SCCU account number.

Escrow Analysis:

  •  What is an Escrow Analysis?

    An escrow analysis is completed to ensure that the monthly escrow payment will be sufficient to pay escrow items (Property Taxes, Homeowners Insurance, Hazard Insurance, Flood Insurance and/or PMI Insurance) as they become due over the next year. An escrow analysis is performed once a year. The escrow analysis identifies any overages and/or shortages that may occur in the escrow account after disbursements of escrowed items. The monthly escrow payment will be adjusted based on an increase or decrease in the amount of the item(s) paid out.

  •  How is my escrow payment calculated? Can SCCU make any adjustments?

    The escrow payment is calculated based on the regulation as outlined under the Real Estate Settlement Procedures Act (RESPA). SCCU must adhere to the regulation when calculating the new monthly payment; therefore SCCU cannot make any changes to the resulting payment unless the member provides documentation showing that the tax or insurance costs have changed. If these costs have changed, please submit the information to SCCU as outlined under the "If my taxes or insurance premiums decrease, how can I update the escrow amount?" section of this document. Should you have concerns about making your monthly payment, please contact SCCU as noted under the "What if I have concerns about making my monthly mortgage payments due to the increased escrow payment?" section of this document.

  •  Where do I mail Escrow Shortage / Deficiency checks?

    Space Coast Credit Union
    Post Office Box 419001
    Melbourne FL, 32941-9001
    Attn: Loan Servicing -Escrow Processing

    Please make the check payable to SCCU, and indicate the account number and suffix or attach a copy of the Escrow Analysis.

  •   Why did my payment change?

    Real estate taxes or insurance premiums typically change yearly, which in turn will affect the escrow amount of your payment. This increase or decrease in the amount paid out for the Taxes and Insurance may result in an escrow shortage or surplus. The analysis is based on the most recent bills paid from your escrow, and may have created a shortage in your account. The shortage indicates that your actual escrow balance is less than the amount required in the escrow account. This shows us that the amount we paid on your most recent bill has changed from the estimates calculated from the previous year.

    An increase or decrease in your taxes may be due to a property reassessment, a change in the tax rate, a change in an exemption or a special assessment. Members should contact their county tax office for additional information:
    Brevard County 321-264-6969
    Flagler County 386-437-7422
    Indian River County 772-567-8000
    Orange County 407-836-2700
    Volusia County 386-736-5938

    An increase or decrease in your hazard insurance premium may be caused by a change in / or amount of insurance coverage, or an increase in insurance rate. Members should contact their Insurance agent for additional information.

  •  What if I have concerns about making my monthly mortgage payments due to the increased escrow payment?

    Please contact SCCU's Collections Department for assistance:
    Brevard: (321) 752-2222, extension 9556
    Toll-Free:(800) 447-7228 extension 9556

  •  Can I pay my shortage / deficiency in full and have my payment lowered?

    Yes, you may pay your shortage / deficiency in part or in full and SCCU can reduce your monthly payment to reflect it. The payment must be received prior to March 1st. It is likely your payment will not remain at the same amount it was prior to the escrow analysis, because the estimate(s) increased/changed.

    At Escrow analysis time (February of every year) we automatically recalculate your payment and increase it to include the shortage / deficiency so that you can pay it back over the course of the next 12 months, Interest free. After 12 months we will complete another Escrow Analysis and if the premiums have not increased the Escrow payment will be lowered to 1/12 of the total amount projected to be paid for the year. Your payment is projected by calculating the premiums paid the previous year.

  •   Can I pay a portion of my escrow shortage or deficiency?

    Yes, you may pay a portion of the escrow shortage / deficiency prior to March 1st.

    Please mail the payment to: Loan Servicing Department "Attn: Escrow Processing" or the address as stated above. Indicate you are only paying a portion of the shortage / deficiency. We will recalculate the Escrow and an updated escrow analysis statement which will reflect the new payment.

  •   If I pay my escrow Shortage / Deficiency, will my payment go back to what it was?

    No, if you pay the escrow Shortage in full the Escrow payment will be lowered to 1/12 of the total amount projected to be paid for the year. Your payment is projected by using the most recent insurance and tax bills we have paid.

  •   If my account has an escrow shortage, what are my options?

    We automatically spread the shortage over 12 months, but you have the option to pay the shortage in full using the coupon provided on the escrow analysis statement.

  •   The Escrow account has more money than it needs! When will I receive my refund?

    If the Escrow account has a Surplus of $50.00 or greater it will be automatically transferred into your savings account by March 1st. Anything under $50.00 will remain in the Escrow account.

  •   The Escrow account has more money than it needs! When will I receive my refund?

    If the Escrow account has a Surplus of $50.00 or greater it will be automatically transferred into your savings account by March 1st. Anything under $50.00 will remain in the Escrow account.

    In order for SCCU to change the escrow amounts, supporting documents are needed to confirm that the Taxes or the Insurance are changing.
    Please send a copy of your Tax or Insurance Billing to:
    Space Coast Credit Union
    Post Office Box 419001
    Melbourne FL, 32941-9001
    Attn: Loan Servicing - Escrow Processing

    Brevard: 321-752-2222
    Broward: 954-704-5000
    Miami-Dade: 305-882-5000
    Tampa/Jacksonville: 800-882-5007

  • SCCU Routing Number: 263177903
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Space Coast Credit Union membership is open to all who work or live in Brevard, Broward, Flagler, Indian River, Martin, Miami-Dade, Monroe, Orange, Osceola, Palm Beach, Seminole, St. Johns, St. Lucie, or Volusia Counties in Florida.
*APR = Annual Percentage Rate. ^APY = Annual Percentage Yield.

  • Brevard: 321-752-2222
  • Broward: 954-704-5000
  • Miami-Dade: 305-882-5000
  • All Other Areas: 800-447-7228

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