IRA and HSA Processing

Due to changes made by the IRS in response to COVID-19 for the IRA and HSA prior-year contributions reporting dates, we have had some questions regarding creating IRS Form 5498s for reporting directly to the IRS or third-party IRA processors. CBS can assist with this process.

If you need proof lists, want to maintain, and/or export files prior to the July 15th date, please contact CBS via the CTT by June 3, 2020.

Please read the following instructions to assist you with processing your associated IRA and HSA forms/information to the IRS and/or third parties.

For IRAs:

1. Ensure that the Control-IRAs parameter (Back Office > Standard > Parameters) setting, Cutoff Day for Previous Year Contributions, is set to JUL 15.
2. If it is NOT set to JUL 15, re-set the setting to JUL 15. The 5498 driver file will update properly with the correct account types and previous-year contributions.

For HSAs:

1. Ensure that the Control-Health Savings parameter (Back Office > Standard > Parameters) setting, Cutoff Day for Previous Year Contributions, is set to JUL 15.
2. If it is NOT set to JUL 15, re-set the setting to JUL 15. The 5498 driver file will update properly with the correct account types and previous-year contributions.

Please address any questions regarding this posting to the CBS CTT.