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Schedule 17 Code 1701Credit Union Deductions (2017 and later tax years) Corporation's nameProtected B when completedBusiness number yearend Year MonthDayIf you are a credit union, use this schedule
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How to fill out credit union deductions
How to fill out credit union deductions
01
Step 1: Obtain the necessary forms from your credit union. These forms may include a membership application, a direct deposit authorization form, and a payroll deduction form.
02
Step 2: Fill out the membership application form with your personal information, such as your name, address, and social security number. Follow any instructions provided by the credit union.
03
Step 3: Complete the direct deposit authorization form if you wish to have a portion of your paycheck directly deposited into your credit union account. Provide your bank account details, including the routing and account numbers.
04
Step 4: Fill out the payroll deduction form to indicate the specific deductions you want to make from your paycheck. These deductions may include savings contributions, loan repayments, or other specified expenses.
05
Step 5: Double-check all the forms for accuracy and ensure that you have provided all the required information.
06
Step 6: Submit the completed forms to the credit union as instructed. It is advisable to make copies of the forms for your records.
07
Step 7: Wait for confirmation from the credit union regarding the processing of your deductions. You may need to wait for a specified period for the deductions to take effect.
08
Step 8: Monitor your pay stubs or bank account statements to ensure that the credit union deductions are being accurately applied.
Who needs credit union deductions?
01
Credit union deductions are beneficial for individuals who are members of a credit union and want to conveniently save money or make loan repayments.
02
Employees who prefer to have a portion of their paycheck automatically deposited into a credit union account can benefit from credit union deductions.
03
Individuals who are looking for a disciplined way to save money and earn potential interest on their savings can utilize credit union deductions.
04
Those who have loans with the credit union and want to ensure timely repayments can opt for credit union deductions to automate the process.
05
Members who want to take advantage of certain credit union benefits or exclusive offers may require credit union deductions for eligibility purposes.
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What is credit union deductions?
Credit union deductions are amounts of money subtracted from an employee's paycheck to contribute to their credit union accounts.
Who is required to file credit union deductions?
Employers are required to file credit union deductions on behalf of their employees.
How to fill out credit union deductions?
Employers can fill out credit union deductions by accurately recording the amount deducted from each employee's paycheck and transferring the funds to the credit union.
What is the purpose of credit union deductions?
The purpose of credit union deductions is to help employees save money and build their financial stability through their credit union accounts.
What information must be reported on credit union deductions?
Employers must report the amount deducted from each employee's paycheck, the employee's name, and the credit union account number.
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