eStatement Notifications

As part of the One Big Beautiful Bill Act, interest paid on an auto loan may be tax deductible. However, to qualify for the deduction, certain criteria must be met. This includes specific vehicle requirements and income levels.

Because the bill was passed in the second half of the year, lenders are not required to provide a 2025 tax form for auto loan interest paid. A tax form will be provided beginning with tax year 2026. For 2025 you should view your December statement (or the statement from the last month you paid interest if you paid off or closed the loan during the year) and look for Loan Interest YTD under your auto loan to determine the total interest paid.

Please note: APL FCU is sharing this for informational purposes only. Please consult your tax advisor on the deductibility of auto loan interest charges.

Tax forms 1099-INT (interest income), 1099-R (IRA distributions) and 1098 (mortgage interest paid) were sent to you electronically and are now available within Digital Banking and our Mobile App.

Accessing Your Electronic Tax Forms

Simply log into Digital Banking and click on the eDocs link under the Accounts tab to view your 2025 APL FCU tax documents. You can also save and/or print the tax forms as needed. For Mobile App users, tap the More button in the bottom right of the screen, then tap the eDocs link under the Accounts dropdown.

Please note that, in accordance with IRS regulations, you will not receive a 1099-INT if you earned less than $10 in interest for the year, and you will not receive a 1098 if you paid less than $600 in mortgage interest for the year.

If you wish to determine the amount of interest paid on a particular mortgage or home equity account that did not meet the minimum interest threshold, view your December eStatement (or the statement from the last month you paid interest if you paid off or closed the loan earlier in the year) and look for the Loan Interest YTD amount under the loan.

Changes for the 2025 Tax Season

• In previous years members with multiple deposit accounts may have received separate 1099-INT forms for each account. You will now receive one combined 1099-INT showing the total interest earned from all deposit accounts on which you are the primary account holder.
• Due to recent tax law changes, interest paid on auto loans may be tax deductible. Only certain vehicles qualify for the deduction, which phases out at higher income levels, so please consult your tax advisor on the deductibility of auto loan interest.
• Because the law went into effect in the second half of 2025, auto lenders are not required to send an auto interest tax form until tax year 2026. You can determine the amount of interest paid on an auto loan by looking for the Loan Interest YTD on your December eStatement (or the last month you paid interest if you paid off or closed the auto loan earlier in the year).

NOTE: 5498 forms (IRA contributions) will also be available electronically, but not until the second half of April or early May. The IRS allows IRA contributions for the prior year to be made up to the tax filing deadline in April, so the 5498 forms cannot be generated until after that date.