Year-End 2020 CAMS-ii Road Map
Use this road map to guide your end-of-year processing: IRS Forms Processing and Reporting, General Ledger Closing, and other Year-End tasks.
First, we strongly recommend that you print and read the four attachments to this posting.
1. Click here for the IRS Forms Cover Letter for 2020.
2. Click here for the CBS Service for IRS Electronic Filing Transmittal Sheet for 2020.
3. Click here to access the CAMS-ii Year-End Checklist.
4. Click here for the IRS Tax Form Preparation List.
This road map is divided into two sections: Before Year-End Processing and After Year-End Processing.
Before Year-End Processing
+ Fill out the IRS Electronic Filing Transmittal Sheet.
+ Return the IRS Electronic Filing Transmittal Sheet to CBS per the instructions on the sheet.
+ As necessary — especially for those third-parties that need estimates of the forms that you will need — run Form Estimations for all IRS forms that your credit union uses.
+ Complete Steps 1 through 14 on the Before You Begin the Year-End Batch Processing section of the Year-End Checklist by December 30th.
+ On December 31st, carefully review the reports mentioned in the Year-End Batch Processing section of the CAMS-ii Year-End Checklist.
After Year-End Processing
+ Confirm IRA/HSA settings under Back Office > Standard > Parameters > Control-IRAs/Control-Health Savings. (See the Preparing IRA and HSA Contribution Limits and End Dates section of the CAMS-ii Year-End Checklist for more details.)
+ Complete the Closing the General Ledger section of the Year-End Checklist by January 31st.
+ Complete the IRS Tax Form Preparation List attached to this posting.
+ After 2/15/2020, Create IRS Electronic File for CBS (See the How To Export the IRS Tax Data files to CBS Services on page 5 of the IRS Electronic Filing Transmittal Sheet, attached to this posting).
Please submit any questions regarding this road map and/or its attachments to the CBS CTT.
Important: IRS Forms 5498/5498SA Review Required
For credit unions that process IRS Forms 5498 and/or 5498SAs—
Prior year contributions processed on 07/15/2020 were not added to the 5498/5498SAs.
We recommend that you review your 5498 activity and update the 5498s/5498SAs as needed.
This should be finished before you submit any 5498s and/or 5498SAs to a third-party vendor or to any members.
Please complete the Review Transaction Activity and Update IRS Form 5498s steps to correct.
Review Transaction Activity
- Go to Back Office > Standard > Reports.
- Select HSA/IRA Transactions Detail.
- Set the the Begin Date/End Date to 07/15/2020.
- Click Accept.
- Open the DRM and select the DRM-HSA/IRA DETAIL TRANSACTION REPORT.
- Search for Previous Year and then note the members' contribution amounts and account numbers so you can retrieve their Social Security Numbers.
- Go to the next task, Update IRS Form 5498s.
Update IRS Form 5498s
- Go to Back Office > Standard >IRS Tax Processes > Continue to IRS Tax Forms.
- From the IRS Forms drop-down, select IRS Forms: 5498 IRA Statement of Contributions or 5498SA HSA Statement of Contributions.
- From the Tax Process drop-down, select Maintenance.
- In the Beginning and the Ending Social Security Number of Member text boxes, type the Social Account Number of the member that needs correction.
- Click Accept. The 5498 Maintenance navigation screen appears.
- Click the sub-account that you want to edit/maintain. The IRS Form 5498 Maintenance screen or IRS Form 5498SA Maintenance screen appears.
- Update the Regular Contributions for IRAs or the Current Contributions for Previous Year for HSAs to include the 7/15/2020 deposit.
- Click Accept.
Repeat Steps 1-8 in the Review Transaction Activity section for each of the different members whose 5498s and/or 5498SAs you need to maintain.
Once you have maintained the 5498s, you must re-generate the 5498s and 5498SAs (as applicable) and submit the files to your third-party vendor.
If you have you have any questions about this announcement, please contact the CBS Support Center via the CTT.