Does Navy Federal Do Taxes and Offer Tax Filing Assistance?

Tax season can be overwhelming, especially when trying to find reliable resources for filing and managing tax documents. Many Navy Federal Credit Union (NFCU) members wonder whether the institution provides direct tax filing assistance or related services.

While NFCU offers various financial tools and benefits, its role in tax preparation is limited. Understanding what support is available helps members take advantage of relevant resources.

Standard Membership Services and Tax-Related Resources

Navy Federal Credit Union provides financial services tailored to its members, but its tax-related support is indirect. Members can access financial planning tools, educational materials, and account features that assist with tax preparation, though the credit union does not offer direct tax filing services.

A key resource is the ability to retrieve tax documents, such as IRS Form 1099-INT for interest earned on savings accounts and Form 1098 for mortgage interest payments. These forms, necessary for filing accurate tax returns, are available through online banking. Members with investment accounts through Navy Federal Investment Services may also receive Form 1099-DIV for dividends or Form 1099-B for capital gains and losses.

Beyond document access, budgeting and financial tracking tools help estimate tax liabilities and plan payments. Navy Federal’s Money Management tool categorizes expenses, tracks income, and monitors deductions, which is useful for self-employed individuals or those with multiple income sources.

Availability of Tax Filing Assistance

Navy Federal does not provide tax preparation or filing services but has partnered with tax service providers in the past to offer discounted tax preparation. These promotions vary by year, so members should check the official website or contact customer service for current offers.

Military personnel and veterans can access free tax assistance through the Volunteer Income Tax Assistance (VITA) program and Military OneSource’s MilTax service. VITA, sponsored by the IRS, provides in-person tax preparation for individuals earning $64,000 or less in 2024. MilTax offers free online filing software and expert consultations tailored to military-specific tax situations, such as combat pay exclusions and residency rules. Navy Federal frequently promotes these services, recognizing the tax challenges military families face.

Members can also seek guidance from financial advisors affiliated with Navy Federal Investment Services. While these professionals do not prepare tax returns, they assist with tax-efficient investment strategies, retirement contributions, and capital gains planning. This is particularly helpful for members dealing with Required Minimum Distributions (RMDs) from IRAs or tax implications of stock sales.

Setting Up Refund Direct Deposit

Receiving a tax refund through direct deposit is the fastest and most secure option, and Navy Federal makes the process straightforward. The IRS allows taxpayers to split refunds across up to three accounts, enabling members to allocate funds between checking, savings, or retirement accounts. Directing a portion of the refund into an IRA or certificate of deposit can provide long-term growth while maintaining liquidity in a primary account.

To ensure a smooth deposit, members must use the correct routing and account numbers. Navy Federal’s routing number, 256074974, applies to all members. Checking account numbers are found at the bottom of checks or within online banking, while savings account numbers may require verification through customer service. Incorrect information can result in a rejected deposit, leading to IRS-issued paper checks, which take longer to arrive.

For sizable refunds, understanding deposit limits is important. Navy Federal does not cap deposit amounts, but some accounts, such as money market savings, have transaction limitations. Refunds exceeding $10,000 may trigger a temporary hold for security reasons. Monitoring account activity through the mobile app ensures funds are received without issue.

Accessing Tax Documents and Records

Managing tax documents efficiently ensures compliance and prevents delays when filing returns. Navy Federal provides digital access to tax-related forms, allowing members to retrieve necessary documents without waiting for mail delivery. Statements detailing account activity, loan interest, and investment earnings are typically available through online banking by late January, aligning with IRS deadlines.

Maintaining accurate records is particularly important for members who need to substantiate income, deductions, or credits in the event of an IRS audit. The IRS recommends keeping tax records for at least three years, though certain situations, such as reporting losses from securities or claiming deductions for bad debts, may require retaining documentation for up to seven years. Secure storage of digital copies, either through encrypted cloud services or external hard drives, helps prevent loss or unauthorized access.