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Update on Corrected Tax Statements

A few weeks ago, we shared news that many of you received year-end tax statements with incorrect information. Again, we sincerely apologize for the errors and any inconveniences, confusion and/or frustrations that may have resulted.

As we mentioned in our earlier communications, the records of your accounts in our system are correct. The inaccuracies occurred with the printing of the statements. We have been working diligently with our third-party technology partner to identify the issues that caused these mistakes to both fix and rectify them.

The good news is that we have solutions to the discrepancies on the tax forms and we have a plan in place for getting you the accurate information needed to complete your taxes.

Below you will find an update on each of the tax forms that were mailed out that needed corrections. Each of the updates provides details on the customers impacted, the errors that we identified and the resolution and timeline for receiving the newly corrected tax form.


1099 INTEREST FORMS
  • Customers Impacted: Anyone that earned interest on their deposit accounts totaling greater than $10 in 2022.
  • Known Errors: The phone number listed for OlyFed is incorrect.
  • Resolution: Great news, interest totals are correct! All 1099-INTs will be reprinted with the correct phone number and resent to customers on Friday, February 17.

1098 MORTGAGE INTEREST FORMS
  • Customers Impacted: All mortgage loan customers.
  • Known Errors: The phone number listed for OlyFed is incorrect. In addition, if a customer paid for Private Mortgage Insurance (PMI), the form is only reflecting the amount paid since the conversion to our new core banking system in October and not the entire calendar year.
  • Resolution: Good news, if your loan did not have Private Mortgage Insurance (PMI) in 2022, all the information on your form is correct! New 1098 Mortgage Interest Forms have already been reprinted with the correct phone number and resent to all customers.  Those customers who paid PMI in 2022 will receive an additional, corrected 1098 Mortgage Interest Form with the proper amount of PMI paid this past year. These additional forms with the correct PMI totals will be mailed to impacted customers on Friday, February 17.

1099 R (IRA DISTRIBUTIONS)
  • Customers Impacted: IRA account holders that made distributions in 2022.
  • Known Errors: The phone number listed for OlyFed is incorrect. Additionally, some Form 1099-Rs are not showing the customer’s true distribution amount.
  • Resolution: The errors have been fixed and corrected forms will be mailed to customers on Friday, February 17.

1099-SA (HSA DISTRIBUTIONS)
  • Customers Impacted: HSA account holders that made distributions in 2022.
  • Known Errors: The phone number listed for OlyFed is incorrect. Additionally, HSA distributions done prior to May 2022 are not included in the distribution totals for the year. Lastly, online banking transfers out of an HSA account prior to the core conversion in October are not included in the distribution totals for the year.
  • Resolution: The errors have been fixed and corrected forms will be mailed to impacted customers on Friday, February 17.

Newpaper sitting by coffee cup on tableIf you have any questions, concerns or if you would like more information, please do not hesitate to contact us and one of our trusted team members can assist you. In the meantime, I want to again express my sincerest apologies for any troubles caused by these issues resulting from our recent core system conversion. Our entire team is grateful for your patience, understanding and kindness as we’ve worked through many of these unforeseen issues.

We continue to be unwaveringly committed to excellence in all that we do and in living out our values of doing the right thing and putting people first. We know you have a choice when it comes to your banking, so we are incredibly honored to have both your trust and business. Thank you for believing in us and for your loyal support.

Sincerely,

Josh Deck
President & CEO

Josh Deck EVP and COO of Olympia Federal Savings