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

1. Go to Back Office > Standard > Reports.
2. Select HSA/IRA Transactions Detail.
3. Set the the Begin Date/End Date to 07/15/2020.
4. Click Accept.
5. Open the DRM and select the DRM-HSA/IRA DETAIL TRANSACTION REPORT.
6. Search for Previous Year and then note the members' contribution amounts and account numbers so you can retrieve their Social Security Numbers.
7. Go to the next task, Update IRS Form 5498s.

Update IRS Form 5498s

1. Go to Back Office > Standard >IRS Tax Processes > Continue to IRS Tax Forms.
2. From the IRS Forms drop-down, select IRS Forms: 5498 IRA Statement of Contributions or 5498SA HSA Statement of Contributions.
3. From the Tax Process drop-down, select Maintenance.
4. In the Beginning and the Ending Social Security Number of Member text boxes, type the Social Account Number of the member that needs correction.
5. Click Accept. The 5498 Maintenance navigation screen appears.
6. Click the sub-account that you want to edit/maintain. The IRS Form 5498 Maintenance screen or IRS Form 5498SA Maintenance screen appears.
7. Update the Regular Contributions for IRAs or the Current Contributions for Previous Year for HSAs to include the 7/15/2020 deposit.
8. 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.