Retirement 5498 Report/Notices (April Reporting) (FPSDR042) |
  
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Retirement 5498 Report/Notices (April Reporting) (FPSDR042) |
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Availability
This report and these notices are processed yearly (after April 15) for IRS reporting due May 31.
Purpose
The Retirement 5498 Report and Notice is used to create 5498 laser forms and a report and file to send to the IRS by May 31 each year. The 5498 forms should also be mailed to your customers by this date. Every account that has a balance or contribution for the year must be reported to the IRS.
The forms created after April 15 are generally processed for retirement account holders who have had prior year contributions made to their accounts. However, the report and IRS file contain information for all account holders. The April forms should be considered replacement forms, since these customers received a 5498 form at year-end. Both current year contributions, prior year contributions, and the fair market value for all of the owner’s accounts will be shown on the form.
There is an option to print the account number of the account holder on the form. If the account holder has more than one account, the highest account number will be printed.
The notices are sorted by mail code, Social Security number, retirement type, and plan number. There are no other sort options available.
Year-end 5498 reports and notices are processed using Retirement 5498 Report/Notices Year-end Reporting (FPSDR174), which meets the IRS requirements concerning fair market value and RMD disclosures.
Accounts will be excluded from the report if the account owner has an SSN/EIN type of 020, 021, 022, 120, 121, or 122 in the Name/SSN/Citizenship Type field (NDCTYP) on the Detailed Name Information screen (function 15/16) and the Household Names screen (function 13/14) in the CIF System (Application 9). In addition, 5498 forms will not print for these accounts.
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GOLDPoint Systems Only: Create one setup for forms and another one for the report.
Misc Opts 1 - Y = Print forms; N = Print report Misc Opts 2 - Y = Include all accounts Misc Opts 3 - Y = Include account number on the forms Misc Opts 4 - Y = Print forms with prior year contributions only (April run only) Misc Parm 15 - A = Alphabetical short name sort When to Run = UPSI54
To combine notices by Social Security number, both the Social Security number and the retirement type sort fields must be used, and used in this order. Sort fields and lengths are as follows:
90 Mail code (1) 81 Social security number (5) 82 IRA type (4) 83 Plan number (2)
Note: The sort is not optional.
Critical settings: 1 to 4 for notices, and 1 to 16 for reports.
For notices only, the Subprog Cntrls Print field should be set to “Y.”
Because the year-end 5498 forms require some additional disclosure information for RMDs, there must be two report setups: one for year-end (FPSDR174), and one for April processing (FPSDR042).
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Report Column Information
See FPSDR042 Example for an example of this report.
Column |
Description |
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Plan# |
This is the retirement plan number for the retirement account (DMPLAN). It is taken from the Deposit Master Fields screen (function 1/2). |
Social Security # |
This is the Social Security number of the IRS owner of the account (MNSSFI), taken from the CIF System. |
Account Number |
This is the office number (DMACTO), account number (DMACTA), and check digit (DMCKDG). |
Owner’s Name |
This is the IRS owner's short name (SHNAME), taken from the CIF System. |
Type |
This is the type of retirement account. It is found on the Deposit Retirement Screen (function 53/54). Valid types include “SEP” (DMSEPP), “IRA” (DMRIRA), “SIM” (DMSIMP), “QRP” (DMSTAR), “ROTH” (DMROTH), “EDU” (DMEDUC), and “ROL” (DMCOND). |
Contributions This Year |
This is the contribution amount that was made to the account last year (DMCNLY). This is taken from the Deposit Master Fields screen (function 1/2). |
Rollover Amt |
This is the rollover amount for the prior year (DMPYRA). This is taken from the Deposit Master Fields screen (function 1/2). |
End Of Year Balance |
This is the current balance for the end of the previous calendar year (DMEYBL). It is taken from the Deposit Master Fields screen (function 1/2). |
Employer SEPP |
This is the amount contributed last year by the employer to the SEPP retirement account (DMEMLY). It is taken from the Deposit Master Fields screen (function 1/2). |
Employer SIMPLE |
This is the amount contributed last year by the employer to the SIMPLE retirement account (DMEMLY). It is taken from the Deposit Master Fields screen (function 1/2). |
Roth Conversion |
This is the amount that was converted to a Roth account from another type of account (DMPYRC). This is taken from the Deposit Master Fields screen (function 1/2). |
Rechar Cont. |
This is the amount of money recharacterized from one type of account to another (DMPRCR). This is taken from the Deposit Master Fields screen (function 1/2). |
Retirement 5498 Notice
Retirement 5498 Laser Notices are printed for all accounts with prior year contributions. The form is a replacement for the year-end 5498.
See FPSDR042 Example for an example of this report.
The notice above is an example only. Please note that the form is subject to change based on Federal Regulation and may appear different from the one illustrated above.
Totals and Subtotals Provided
Subtotals are provided by office number and totals by institution.
