Bankers System IRA Activity Report and Tape (FPSDR094) |
  
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Bankers System IRA Activity Report and Tape (FPSDR094) |
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Availability
This report and tape must be processed every monthend. It is only used if you have a business arrangement with Bankers System for your IRA reporting. If GOLDPoint Systems does your reporting to the IRS for you, this report has no use for your institution.
Purpose
The purpose of this report and tape is to electronically report to Bankers System retirement transactions that were processed on all IRA accounts in the current month. History activity is pulled, not year-to-date field information. Bankers System updates your files with these transactions and sends you a report indicating any errors encountered. This is the only information GOLDPoint Systems sends to Bankers System throughout the year. They do your bank’s 1099R and 5498 reporting based on the data sent on this tape each month.
All IRA accounts must have an account type for each IRA account entered in the account’s user field number 8 (DM8USER). Currently, the following codes are the only codes that are available. Any new codes will require programming.
User field 8
11 - Regular IRA
13 - Rollover
15 - Sepp
17 - Roth
18 - Roth conversion
This field must be entered in order for Bankers System to do the correct reporting for you.
The report is separated into three sections, each containing the following information:
Earnings Section
Account type
Social security number
IRS owner name
Interest amount
Interest posting date
Contribution Section
Account type
Social security number
IRS owner name
Date of contribution
Tax year of contribution
Contribution description
Distribution Section
Account type
Social security number
IRS owner name
Distribution amount
Date of distribution
Tax year of distribution
Distribution code and description
Each section has separate totals for the item count and transaction amounts. This report and file are sorted by Social Security number in each section.
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GOLDPoint Systems Only: The only Misc Parm field available in the report is number 1. If Misc Parm number 1 is set to "Y" (yes), then the second name on the account will be sent. This must be "Y" if the banks' name is in the first name field on the account. GOLDPoint Systems assumes that the IRS owner name is in the second name line. The institution must be aware of this so they set up the name and address correctly on the account. Sort fields must be 80, 81, 82, and 83. Criticals must be 1 to 21. If no print is requested, only the tape is created. There is no transmittal created for this tape. |
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Report Column Information
See FPSDR094 Example for an example of this report.
Acct Type |
This is the value found in user field # 8 (DMUSER). |
SS# |
This is the Social Security number of either the first or second name on the account, depending on how the report is set up. |
Name |
This is either the first or second name on the account depending on how the report is set up. |
Earnings Amount |
This is the amount of interest posted to the account. The date of the interest posting is to the right of this field. |
Contribution Amount |
This is the amount of the contribution. The date of the contribution amount is the next field to the right, then the tax year the contribution is reported to, then the transaction code and the contribution type are listed. |
Distribution Amount |
This is the amount of the distribution. The date of the contribution is the next field to the right, then the tax year the distribution reported to, then the transaction code, distribution code, and description type are listed. |
Totals
This report only totals number of accounts.
