Parameter Setting for IRS Form 5498 and Tax Year 2006 IRA Contributions

Because this year has an extended filing date for 2006 personal Federal Income Tax returns, the final IRA 2006 contribution date also has been extended.

You must make this change before April 17 if your credit union offers any kind of IRA or IRA Certificate. You must also change this setting before you process your IRS Form 5498s.

To effect this change on CAMS-ii, in the Control-IRAs parameters (Back Office > Standard > Parameters), you must change the Cutoff Day for Previous Year Contributions setting to April 17. Click Accept.

You can make this parameter setting change during normal operating hours.

Please address any and all questions concerning this topic to support@camsbycbs.com.