Details on why you may have received multiple tax statements

Earlier this year, we received information from our core service provider that the original 2025 tax statements mailed to customers did not include all of the interest paid and/or earned. Fortunately, our provider was able to resolve and fix the issue quickly and get newly corrected tax statements mailed out in timely manner. Impacted IRS tax forms included1099-INT, 1099-R and 1098 statements.

What this means is that many of customers received multiple tax statements in the mail and have been calling wondering what statements to use when completing their taxes. If you are unsure of what form is correct, it will be the one with greater dollar amount for either interest earned and/or interest paid, depending on what form you’re looking at. If the two versions of the same form are identical, it means the first form was correct and you can use either one to complete your taxes.

One of the other questions our Customer Care Center team has been receiving is “why is the CORRECTED box not checked on the new tax forms? The answers is the corrected box only gets checked if the information on the form has already been reported to the IRS. Even though the paper forms (and electronic versions of the paper forms) have been created, the actual numbers have not yet been relayed to the IRS, so the Corrected box does not need to be checked. If however a customer has already filed their taxes using an incorrect version of the form, they can check the Corrected box themselves on the new form before submitting it with any other form(s) that are needed for a corrected filing.

Should you have any questions or needs, our team of bankers are here to help and can be reached at (360) 754-3400 or customerservice@olyfed.com. Thank you for your patience and understanding with this matter; we’re grateful to be your community bank.