The Informer

February 2024

A Message From the CEO - Kevin Mietlicki

I don't know how many of you are fans of the NFL, but for those of you who are, I am curious if anyone else is as tired of the Kansas City Chiefs as I am. The game came down to the very end and resulted in a Mahomes, Kelce, and Reid triumph once again. To be honest, they keep defeating my Buffalo Bills in the playoffs year after year, so I may not be the most unbiased person when it comes to their success. This leads me to what I briefly want to share with you this month, which is what makes great teams truly great. In a short and simple explanation, I would say it comes down to stability and a shared desire to achieve a common goal. And this is exactly what the Kansas City Chiefs possess.

The Hunt family has been the team's owners since its establishment over 50 years ago. Andy Reid has managed the team with unwavering consistency, both on a daily basis and over the span of 11 years in Kansas City, following his 14-year tenure in Philadelphia. Patrick Mahomes exhibits strong leadership skills on the field, effectively guiding the team and fostering unity among individual players who work towards the collective team goal.

So, why am I sharing this? At Alternatives, we strive each day to build a successful organization that can effectively serve our members and the community. We have experienced periods of change as an organization, but we have been working diligently to build a stable team. We have a dedicated and engaged Board that provides valuable input and guidance. Our management team has remained stable for several years and has been continuously growing together. Additionally, we have a committed staff who wholeheartedly believe in Alternatives' mission. Similarly to the Chiefs, Alternatives will continue to consistently show up and carry out the important work we have been doing for many years. We sincerely appreciate your ongoing support of our efforts!

Did you know that Alternatives was honored when the CUNA National Awards Committee selected us as a first-place winner of the Desjardins Award for Financial Education. See the article here

A Message From The Consumer Financial Protection Bureau In Regards to Student Loans

The U.S. Department of Education (ED) will be conducting a one-time payment count adjustment. Specifically, ED will give borrowers credit towards loan cancellation through its Income Driven Repayment program (IDR) for repayment periods since July 1, 1994, and for certain deferments and forbearances. IDR programs result in loan cancellation after 20 or 25 years of eligible payments; the account adjustment will ensure borrowers receive credit for the maximum number of eligible payments based on their loan history. This program has already resulted in cancellation of loans for more than 800,000 borrowers. In addition, IDR plans can make monthly payments more affordable by capping monthly payments based on borrowers’ income and family size, not loan balances.

Most federal student loans qualify for at least one IDR plan and federally held loans will automatically be subject to the pay count adjustment. However, some loans aren’t eligible for these programs unless consumers take further action, and the borrowers who have these loans are the ones we are now trying to reach.

ED will apply the account adjustment to most federally held student loans. However, consumers who have certain types of loans must first consolidate their loan into a Direct Consolidation loan to maximize the effect of the account adjustment. These loans include,

· Parent PLUS,

· Commercially managed Federal Family Education Loan (FFEL)

· Perkins loans

· Health Education Assistance Loan (HEAL) Program loans

The one-time pay count adjustment will occur in Summer 2024. But borrowers who have non-federally held loans must consolidate their loans into a Direct-Consolidation Loan by APRIL 30, 2024.

ACTION PLAN FOR BORROWERS

Learn whether you have a loan that must first be consolidated into a Direct-Consolidation Loan to benefit from the account adjustment. To find out call ED at 1-800-433-3243 or go to, studentaid.gov.

If you have a one of the kinds of loans that requires consolidation, apply to consolidate your loan no later than April 30, 2024, at https://studentaid.gov/loan-consolidation/.

To continue earning credit towards loan forgiveness after April 30, 2024, enroll in an IDR plan at, https://studentaid.gov/idr/.

For more resources and information please visit https://studentaid,gov

Alternatives Business Development Happenings...

On January 25 we hosted the monthly Upstate NY Business Meetup in Elmira NY at the Elmira Works Coworking Space. This was a highly successful event that was well-attended by numerous small businesses. Networking events such as these provide an excellent opportunity for business owners to come together and foster valuable collaborations.

Every Friday in February, we will be inviting local Black Owned Businesses to showcase and promote their products in the lobby of the Credit Union. This initiative aims to support these businesses and raise awareness about their ventures.

In the Community

Alternatives Business Development organized a Salon Ownership Workshop on Monday, February 12, 2024. Various local small businesses participated in the event with an aim to gain insights into Salon Ownership, Salon Marketing, and Business Development. The workshop was presented by Lacy Randall, the esteemed owner of Hello Beautiful.

Celebrations and Opportunities

Congratulations! The following employees are celebrating anniversaries:

January

Zech M 6 years, Accounts Specialist

Courtney 5 years, HR Assistant

February

Eric L 19 years, General Council

Binh D 3 years, Community Impact Manager

Joe C 20 years, Senior Accounting Clerk

Mariah H 5 years Member Relations Specialist

Eddie M 6 years, Sr IT Specialist

Interested in joining our team? Please click here to view all openings and apply.

Applying for an Auto Loan?

.Have you applied for a loan and are unsure of how to check your messages? Please follow the directions below.

Apply Now

Are you struggling with Paying Your loans?

Are you facing some difficulties with your loan payments? Don't worry! Feel free to reach out to Megan from our Solutions Department. She will be happy to assist you and explore potential ways we can help you out!

Schedule an Appointment!

Make a plan for your 2024 Tax Filing

Webpage: IRS Volunteer Income Tax Assistance

Find a free* filing option below that is best for a basic tax return preparation for qualifying individuals.

*Income restrictions apply

AFCU is no longer an IRS VITA tax preparation partner

When is the federal tax filing deadline?

The deadline for federal tax returns and payments is Tuesday April 15, 2024.

Important 2024 tax dates

The IRS has set the following deadlines for the upcoming tax season:

· January 29, 2024 – IRS begins accepting turns

· January 31, 2024 – Employers must issue W-2 forms

· April 15, 2024 – Tax Day/federal returns and payments due, final day to file an extension

How do I track my refund?

After filing, you can track the status of your refund on the IRS website. You’ll need to input the exact refund amount, to the dollar, that’s listed on your tax return, as well as your Social Security number or Individual Taxpayer Identification Number and filing status

One of these may be a good option for you if you have access to transportation, prefer in person service, live or work near a preparation site and earn $55,000 or less annually.

Call 211 Services by dialing 211 or (877) 211-8667, or visit their Free Tax Prep webpage for more details on the below options.

Tompkins County Lifelong Free Tax Prep (VITA/TCE)

· Ithaca, NY – one location

· To make an appointment, call or text (607) 279-3741

Cornell University Free Tax Prep (VITA/TCE)

· Ithaca, NY – Tompkins County Public Library

· To make an appointment, call 211

Cortland County Cortland Free Taxes (VITA/TCE)

· Cortland, NY- Several locations

· To make an appointment call 211

Returns are prepared by local volunteers as part of the IRS Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs

Before going to a VITA or TCE site, see Publication 3676-B for services provided and check out What to Bring to ensure you have all the required documents and information our volunteers will need to help you.

Note: Available services can vary at each site due to the availability of volunteers certified with the tax law expertise required for your return.

Contact free

This may be a good option for you if you have a device that can take pictures/scan documents and upload, have internet access, and prefer contact free service and earn $66,000 or less annually.

Getyourrefund.org

Returns are prepared by volunteers across New York State as part of the IRS Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs

One of these may be a good option for you if you have internet access, file a basic return, feel comfortable filing out the forms and filing your own return.

Myfreetaxes.com

How can I be sure that I'm using the MyFreeTaxes version of the TaxSlayer self-preparation tax filing software, and that I won't be charged?

If you start at www.MyFreeTaxes.com, select on the “File myself” option, and use the referral link provided to you to access the TaxSlayer software, you will not be charged.

[link to FAQ longer answer?]

This option provides access to assistance via remote volunteers through the IRS Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs .

IRS Free File Website

Guided Tax Preparation for filers with an Adjusted Gross Income (AGI) of $73,000 or less

· Free federal return if you qualify

· Answer simple questions

· Guided preparation does all the math

· Tax filing done on an IRS partner site

· Some state tax preparation and filing are free

Find Your Best Option

1. Use the IRS Free File Lookup Tool or the Browse All Offers page to identify your providers

2. Enter your information

3. Select a provider

4. Prepare and file your federal return online

What You Will Need

· Income statements like W2s or 1099s

· Adjustments to income

· Dependent and spouse information, if applicable

· Prior Year AGI or Prior Year Self-Select PIN

Eddie's Monthly Tech Tip

There are a lot of apps that run in the background and take up memory, slowing your device and can lead to shortening battery life. You can stop all those processes by simply shutting a device down. Getting into the habit of shutting down your device is great for the device and your mental health. This is your sign to go enjoy a few minutes away from a screen.