Tax season can feel, well, taxing. The main source of grief, beyond sifting through old documents, is usually the confusion on how to proceed next. Do I need to fill this out? What goes in this blank? Am I still waiting on another document?
To make things easier, we’ve compiled a list of topics that address common concerns on forms Nationwide Bank distributes, including the 1099-INT, 1099-R, 1099-MISC, 5498, and 5498-ESA. As a reminder, with tax documents arriving in January and February, we encourage you to ensure your home address and email address are updated by logging on to your online banking. This will help us distribute the information in a timely manner.
When to expect your forms
You will be receiving your forms from Nationwide Bank in the mail on a rolling basis. Depending on your account settings, you may be receiving your 1099s by mail or through online banking.
While some forms will be generated at the end of January (please see chart), you should allow a couple weeks for mail delivery. If you’re expecting a 1099-INT, 1099-R, or 1099-MISC form and still haven’t received them by Feb. 15, please feel free to contact our Customer Care Center at 1-877-422-6569.
Who receives the form?
When is form generated?
Anyone who earned $10 or more in interest
End of January each year
Anyone who made an IRA distribution the previous year
End of January each year
Anyone who received incentives totaling $600 more within the single tax year
End of January each year
Anyone who had a balance in their Coverdell as of 12/31 the previous year
April of each year
Anyone who had a balance in their IRA as of 12/31 the previous year
May of each year
Additional information about 1099s
Form 1099-INT will be distributed only to those who earned $10 or more in interest this year total on CDs, checking, savings, and/or money market accounts with us. In other words, the form will be triggered only if you have earned $10 total across your deposit accounts. You’ll receive the 1099-INT document(s) by mail, email or a combination, depending on your account settings.
For accounts in which you opted for electronic document delivery and reach the $10 threshold, you’ll be receiving an email—one per account—telling you to log in to download the tax form. You’ll need to do this for each account set to electronic delivery and then add all the individual amounts to get a total for your tax return.
If you receive your statements by mail, you’ll receive only one form by mail with the interest combined across your deposit accounts, up to seven, that are set to paper delivery. For more than seven accounts, you’ll receive a second form.
If you receive paper copies for some accounts and electronic copies for others, you’ll receive one paper form that includes all your deposit accounts set to paper delivery and one form per account for deposit accounts set to electronic delivery.
You can check your delivery settings by logging in to online banking at nationwide.com/bank. Going forward, you can opt in to electronic delivery by logging in, selecting the account and navigating to online statements.
Common reasons you haven’t received forms by mail or online banking
Updating your personal address is crucial when it comes to receiving your forms. But it’s important you cover all bases with keeping contact info current. Consider the following:
Trust accounts where the individuals’ addresses were updated but not the trust’s
Custodial accounts where the minor’s address was not updated
Joint owners, as they do not receive tax documents—only the primary owner will receive the form
Also, please note that for deposit accounts, you’ll be receiving your 1099s by mail only if you meet the interest threshold and have opted for paper delivery. You may want to verify your account settings.
If you have not received your forms by mail or online banking
We can re-mail or fax your form(s) if you still have not received them within 10 business days of the mail date. Please note that we cannot resend the forms until these 10 days have passed and we have confirmed that they were sent to the incorrect address. Forms also cannot be forwarded.
Requests for additional copies
Only the primary account holder may request a duplicate copy of a tax form. Because all forms contain sensitive information including the Social Security Number, requests for duplicates need to come from the primary account holder, not the joint account holder.
IRA contributions on 5498
The 5498 is sent out in May every year, allowing individuals until Tax Day to make contributions to the previous year. This can cause some confusion, though – if you rolled over your IRA to Nationwide Bank last year, you will not have documentation of the contribution when filing taxes. This should not be a cause for concern, however, as you will not be penalized for lack of supporting documentation.
1099-MISC form: Who receives this?
While this is not one of the frequently distributed forms from Nationwide Bank, the 1099-MISC (miscellaneous income) serves two purposes: it’s a form most commonly sent to independent contractors to report their earnings (in which case your place of work will send it to you), or it can be used to report incentives, totaling at least $600, that are received within a single tax year.
To update or verify your mailing address and email address: Please log in to online banking to ensure that the primary owner’s personal information on file with Nationwide Bank is correct. From the main page, select My Profile then My Information to change the home and mailing addresses.
If this is your first time logging in to online banking be sure to watch our step-by-step video. Our Customer Care Center experts are also here to help at 1-877 I BANK NW (1-877-422-6569) Monday through Friday, 8 a.m. to 8 p.m. ET.