A couple shakes hand with their advisor.

Tax preparers are ready to complete and electronically file basic 2021 federal and state tax returns for a flat fee of $95 at your local branch.

Important note: Effective April 18, 2022 (or the day after the tax return due date, if it is extended again this year), the Credit Union will no longer offer tax return preparation.

New returns for tax year 2021 will be accepted through April 18, 2022 (or the official IRS tax return due date). The Credit Union will prepare 2021 state tax returns for the state of North Carolina only. Please see the Getting Started Kit for more information on the services available.

Who’s eligible to use our low-cost tax preparation service?

You can take advantage of this service if you:

  • Are an LGFCU member
  • Have tax reporting items within the scope of our program (see list below)
  • Have been a full-year resident of North Carolina or one of its bordering states (Virginia, Tennessee, Georgia, or South Carolina) during the tax year
  • Have earned income only from North Carolina during the tax year

What should I do before visiting a branch?

For starters, download the Getting Started Kit. Complete the questionnaire and the consent forms and bring these documents with you to the branch. Also, bring the following items:

  • Picture ID for yourself (and your spouse, if applicable)
  • Social Security cards for yourself and all other individuals on your return (spouse and all dependents)
  • Your prior year tax return
  • Income documents including wages, interest, retirement and Social Security such as W-2, 1099-R, SSA-1099, etc. Many of these documents are available in Member Connect by January 31.
  • Form 1095-A if you had health insurance through the Marketplace
  • Form 1098-T and other documentation of higher education expenses including tuition paid and student loan interest paid
  • Daycare expenses and the daycare provider's name, address and tax ID number
  • Receipts, statements or other documents to support itemized deductions, or instead you can complete this Itemized Deduction Detail Sheet. These items may include:
    • Mortgage loan interest paid
    • Charitable contributions
    • Property taxes paid (home and auto)
    • Medical expenses

Other restrictions may apply. Please contact your local branch for additional information.

Tax preparation is a big sell. It’s been hassle-free. It’s been one of the best things.
Trevor F.River Bend

Anything else I should know?

Here are some other items to keep in mind prior to visiting a branch:

Year-end tax forms. All LGFCU year-end tax forms/documents are available in Member Connect on or before January 31. These forms are also mailed to members by the end of January. Year-end tax documents include 1099-C, 1099-INT, 1099-Q, 1099-R, 1099–S, and Credit Card Annual Activity Summary.

Electronic filing. In some instances returns cannot be electronically filed. If this situation occurs, your tax preparer will give you instructions on how to mail your completed return.

Fee payment. Eligible members expecting a refund can choose to have the $95 tax preparation fee deducted from their tax refund. See the “Fee From Refund Consent Form” within the Getting Started Kit for eligibility requirements.

Military income. Returns with active military income (reported on Form W-2) are generally outside of our scope except for simple military returns that:

  • Do not require a state return from any state other than North Carolina, and
  • Do not qualify for special tax treatment for the year due to you having served in a combat zone or deductions for expenses related to your military service

I’m ready to visit a branch; what’s next?

Please call your local branch to make an appointment. When you’re ready, just gather your tax documents and stop by your nearest branch. A tax preparer will confirm your eligibility, make sure that you've brought all the documents needed, and make copies of your information.

Your return will be ready for you to review and sign as soon as possible. Once you've signed your return and paid the $95 tax preparation fee, the Credit Union will electronically file the return and provide you with a copy. According to the IRS, if you’re due a refund, you can generally expect to receive it within 21 days. In addition, if you're due a North Carolina state tax refund, the state Department of Revenue says you can generally expect to receive your funds within six weeks, if you filed electronically.

Deposit your tax refund into an LGFCU account

If you’re getting a refund from your federal return, get it faster and let it make more money for you! Have the IRS automatically deposit it into your Money Market Share Account or Share Savings Account and enjoy the benefits of building a rainy day fund, with compounding interest.

To set up direct deposit you’ll need:

  • The LGFCU routing number of 253184537 
  • Your account number. This number is shown in Member Connect and on your printed monthly statement.

Next Steps

Choose which tax service works best for you.

  • Visit your local branch for low-cost tax preparation.
  • If you’d prefer to do taxes yourself, try TurboTax® and get a special member discount.
  • Not an LGFCU member yet? Join us!