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gortokj
New Member

I received and extraordinary dividend from my credit union but it was reported in a letter, not a 1099-DIV or 1099-INT. Is this taxable?

 
2 Replies
AnnetteB6
Expert Alumni

I received and extraordinary dividend from my credit union but it was reported in a letter, not a 1099-DIV or 1099-INT. Is this taxable?

Without knowing exactly what the extraordinary dividend represents, it is hard to say whether or not it is taxable.  

 

If it was income to you paid as a 'bonus' for opening an account or something like that, it is taxable as interest income.  Report it in your return as if it had been included on Form 1099-INT.  

 

If it represented a refund of some sort, then it would not be taxable.

 

 

@gortokj

 

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gortokj
New Member

I received and extraordinary dividend from my credit union but it was reported in a letter, not a 1099-DIV or 1099-INT. Is this taxable?

Thank you AnnetteB6 for your response.  From the credit union letter: "Member's dividends were based on their individual savings interest earned and load interest paid during the first 11 months of 2019."  Sounds sort of like a refund to me.

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