{"id":4262,"date":"2020-08-03T15:07:06","date_gmt":"2020-08-03T20:07:06","guid":{"rendered":"http:\/\/www.camsbycbs.com\/wordpress\/?p=4262"},"modified":"2020-08-03T15:07:06","modified_gmt":"2020-08-03T20:07:06","slug":"important-irs-forms-54985498sa-review-required","status":"publish","type":"post","link":"http:\/\/www.camsbycbs.com\/wordpress\/?p=4262","title":{"rendered":"Important: IRS Forms 5498\/5498SA Review Required"},"content":{"rendered":"

For credit unions that process IRS Forms 5498 and\/or 5498SAs\u00e2\u20ac\u201d <\/p>\n

Prior year contributions processed on 07\/15\/2020 were not added to the 5498\/5498SAs.<\/i> <\/p>\n

We recommend that you review your 5498 activity and update the 5498s\/5498SAs as needed.<\/p>\n

This should be finished before you submit any 5498s and\/or 5498SAs to a third-party vendor or to any members.<\/b><\/p>\n

Please complete the Review Transaction Activity<\/u> and Update IRS Form 5498s<\/u> steps to correct.<\/p>\n

Review Transaction Activity<\/b><\/p>\n

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

    Update IRS Form 5498s<\/b><\/p>\n

      \n
    1. Go to Back Office > Standard >IRS Tax Processes > Continue to IRS Tax Forms. <\/li>\n
    2. From the IRS Forms drop-down, select IRS Forms: 5498 IRA Statement of Contributions or 5498SA HSA Statement of Contributions.<\/li>\n
    3. From the Tax Process drop-down, select Maintenance.<\/li>\n
    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.<\/li>\n
    5. Click Accept.<\/b> The 5498 Maintenance navigation screen appears.<\/li>\n
    6. Click the sub-account that you want to edit\/maintain. The IRS Form 5498 Maintenance screen or IRS Form 5498SA Maintenance screen appears.<\/li>\n
    7. Update the Regular Contributions for IRAs or the Current Contributions for Previous Year for HSAs to include the 7\/15\/2020 deposit. <\/li>\n
    8. Click Accept<\/b>.\n<\/ol>\n

      Repeat Steps 1-8 in the Review Transaction Activity<\/u> section for each of the different members whose 5498s and\/or 5498SAs you need to maintain.<\/p>\n

      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.<\/b><\/p>\n

      If you have you have any questions about this announcement, please contact the CBS Support Center via the CTT.<\/p>\n","protected":false},"excerpt":{"rendered":"

      For credit unions that process IRS Forms 5498 and\/or 5498SAs\u00e2\u20ac\u201d 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. […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,9],"tags":[],"_links":{"self":[{"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/4262"}],"collection":[{"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4262"}],"version-history":[{"count":19,"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/4262\/revisions"}],"predecessor-version":[{"id":4281,"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/4262\/revisions\/4281"}],"wp:attachment":[{"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4262"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.camsbycbs.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}