IRAdirect User Guide Tax Reporting Service

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1 IRAdirect User Guide Tax Reporting Service

2 It is understood that the publisher is not engaged in rendering legal or accounting services. Every effort has been made to ensure the accuracy of the material presented within the manual. But retirement plan forms, government regulatory positions, and laws are subject to change, so we cannot guarantee the accuracy of the material. The material in this manual reflects the law and regulatory interpretations as of the publication date of May Much of the information contained in this manual is based on the operation of the financial organizations to which we provide services. Some of your procedures may vary if your organization is not a member organization served by us. Ascensus makes no representations regarding compliance of the manual with any state laws, state regulations, or federal securities law Ascensus, LLC. All Rights Reserved. This material may not be reproduced in whole or in part in any form or means without written permission from the publisher. Printed in the United States of America. Ascensus and the Ascensus logo are registered trademarks of Ascensus, LLC. IRAdirect, Retirement Central, and Simplifier are registered trademarks of Ascensus, LLC. Internet Explorer is either a registered trademark or trademark of Microsoft Corporation in the United States and/or other countries. Adobe Reader is either a registered trademark or trademark of Adobe Systems Incorporated in the United States and/or other countries. 2

3 TABLE OF CONTENTS GETTING STARTED... 9 Supported Browsers... 9 Enabling Cookies... 9 Plug-In Requirements... 9 INTRODUCTION Our Role Your Responsibility System Availability NAVIGATION IRAdirect Home Link and Breadcrumbs Financial Organization Identification Search Main Body Pending Action Reminders User Identification and Logout Calendar Frequently Asked Questions Contact Us User Guide & Training IRAdirect Training Videos CALCULATORS Income Attributable Instructions Post 70½

4 Instructions REPORTS AND QUEUES General and Ad Hoc Reports Account Owner List Fair Market Value Contributions Withdrawals User Activity Report Verification Reports Tax Reporting Summaries Information Reports R Totals Report MAINTENANCE TOOLS Transfer Files General Upload General Download My Services TAX REPORTING Upload Tax Files Tips for Uploading Tax Files File Upload Tax Reporting Error Queue Tax Reporting Warnings etax State Settings Download etax Forms Tax File Creation FINANCIAL ORGANIZATION INFORMATION Overview

5 Programs General Details Contacts Details Address Details Reporting Details Summary Details OWNER INFORMATION Account Owner General Information Details Creating Accounts and Deleting Owners Comments Reading Comments Entering and Saving Comments Primary Categories Secondary Categories ACCOUNT INFORMATION Account Instructions Account Info Traditional IRA Info Reporting Options Create Contribution Create Withdrawal Delete Account

6 Beneficiaries Entering Beneficiary Information FMV Dates Prior Balances Current Balances Current Hard-To-Value Assets Making Corrections Withdrawal Creating a Withdrawal Deleting a Withdrawal Correcting a Withdrawal Annual Withdrawal Roll Up Contribution Creating a Contribution Deleting a Contribution Correcting a Contribution Annual Contribution Roll Up Notification of Death Reporting Beneficiary Withdrawals TAX FORMS FMV/RMD Statement Navigation Details Correcting FMV/RMD Statements Duplicate FMV/RMD Statements Printing a Duplicate FMV/RMD Statement at Your Financial Organization Requesting a Duplicate FMV/RMD Statement for the Account Owner R Form Navigation

7 Correcting Forms 1099-R Duplicate Tax Forms Printing a Duplicate Tax Form at Your Financial Organization Requesting a Duplicate Tax Form for the Account Owner Q Form Navigation Correcting Forms 1099-Q Duplicate Tax Forms Printing a Duplicate Tax Form at Your Financial Organization Requesting a Duplicate Tax Form for the Designated Beneficiary SA Form Navigation Correcting Forms 1099-SA Duplicate Tax Forms Printing a Duplicate Tax Form at Your Financial Organization Requesting a Duplicate Tax Form for the Account Owner Form Navigation Correcting Forms Duplicate Tax Forms Printing a Duplicate Tax Form at Your Financial Organization Requesting a Duplicate Tax Form for the Account Owner SA Form Navigation Correcting Forms 5498-SA Duplicate Tax Forms Printing a Duplicate Tax Form at Your Financial Organization Requesting a Duplicate Tax Form for the Account Owner ESA Form Navigation Correcting Forms 5498-ESA

8 Duplicate Tax Forms Printing a Duplicate Tax Form at Your Financial Organization Requesting a Duplicate Tax Form for the Designated Beneficiary APPENDIX Appendix A Glossary Appendix B IRAdirect Roles TECHNICAL SUPPORT

9 GETTING STARTED IRAdirect is designed to work with the following computer software components. Supported Browsers For best results, Ascensus supports Internet Explorer 11. To download the current version, go to Be aware that versions older than Internet Explorer 11 are no longer supported by Microsoft. Enabling Cookies IRAdirect tracks site activity through the use of session cookies. For the site to function properly, you must have your browser set to allow session cookies. For more information about enabling cookies in your browser, please visit the browser manufacturer s website. Plug-In Requirements Adobe Reader is used for viewing and printing Portable Document Files (PDF) generated within the site. To download the current version, go to 9

10 INTRODUCTION This User Guide takes you through the components of IRAdirect that are applicable to financial organizations participating in the Tax Reporting Service program. IRAdirect is a web-based application that enables users to enter and save financial organization information (depending upon the user s assigned role), view account transactions, and submit data for tax reporting. With IRAdirect, you have a real-time connection to the Ascensus system. This direct access means that important financial organization and account owner information is within reach whenever you need it. Our Role Our role is to complete tax reporting for your financial organization s account owners, and to report to the IRS on your behalf. Your Responsibility Your financial organization is responsible for providing Ascensus with accurate information. If annual tax reporting information for your organization is transmitted to us, your IT department or external data processor is responsible for complying with our transmission requirements and for submitting tax reporting data by our communicated deadlines. System Availability IRAdirect is available from 7:00 a.m. to 10:00 p.m. Central Time, Monday through Friday, and from 7:00 a.m. to 6:00 p.m. on Saturday. You will find information about system availability changes in the IRAdirect calendar. 10

11 NAVIGATION When you log into IRAdirect, the first thing you see is the homepage, which provides you with information and productivity tools that can enhance and simplify the management of your program. The homepage consists of five major sections, as illustrated in the sample page below. Details about each section appear on the following page with the corresponding section number. 11

12 1. IRAdirect Home Link and Breadcrumbs Breadcrumbs indicate where you are within IRAdirect. Clicking the IRAdirect Home link will always take you back to the homepage. 2. Financial Organization Identification This section displays your financial organization s name, CID# (Client Identification Number) and administration method. To access the information, click your organization s name in the upper right corner. Refer to the Financial Organization Information section of this guide for an explanation of all the information you can access through the Financial Organization Identification link. 3. Search You may search for an account owner by SSN, Last 4 of SSN, Last Name, Full Name (last, first), or Acct Number to access the account owner s information. IRAdirect employs masking to help ensure the privacy of an account owner s SSN (Social Security number) information. If you search by SSN, bullets appear in the Search field as the information is entered. When the account owner appears in the tree, only the last four digits of the Social Security number are displayed, with the first five digits masked as XXX-XX. If you search by Last 4 of SSN, the four numbers entered in the input field are not masked. When the account owner appears in the tree, only the last four digits of the Social Security number are displayed, with the first five digits masked as XXX-XX. To see the SSN for the account owner, place your cursor in the Social Security Number field on the General screen and click to display the full nine-digit number. To mask the information, click outside of the Social Security Number field. Refer to the Owner Information section of this guide for an explanation of all the information you can access through the Search function. 12

13 4. Main Body This section is used to access all information in IRAdirect other than your financial organization details. The components in the main body of the homepage available to Tax Reporting Service clients are listed below. Welcome Maintenance Tools Calculators Tax Reporting Reports and Queues Pending Action Reminders At the top of the homepage we provide applicable reminders about things such as pending tasks requiring completion (for example, report wizards for tax reporting), or tax information we ve not yet received. Those reminders will continue to appear until the task has been completed, or the outstanding tax reporting information has been received at Ascensus and successfully processed. The following are examples of some of the reminder messages you may see on the homepage. Year End FMV Information must be submitted for your financial organization HSA Withdrawal Information must be submitted for your financial organization IRA Contribution Information must be submitted for your financial organization If you see messages that certain tax information must be submitted, it means we have not yet received what we need from you to produce those tax forms for your financial organization s account owners. If messages about tax reporting errors appear, it means you have errors in the Tax Reporting Error Queue. 5. User Identification and Logout You will find your personal security role and a logout link in this area. Security roles are outlined in Appendix B. To exit IRAdirect, click the Logout IRAdirect link beneath your financial organization s name and CID#. IRAdirect will automatically log you off after thirty minutes of inactivity. 13

14 Calendar The Calendar link provides you with access to printable IRAdirect calendars. By referring to the calendar on a weekly basis, you will have a valuable tool that keeps you on track with program-related tasks and deadlines and makes your job easier. For ease of use, the Tax Reporting Service calendar is provided on a quarterly basis. You will always have access to three quarters current, past, and future. Each calendar quarter is published one month in advance of the start of that quarter. For those who prefer a quick glance at what s ahead, monthly calendar checklists that provide a high level overview are available during the tax season from November through July. 14

15 Each monthly calendar provides a view of the entire month, with tasks and information items listed on the applicable days. Financial organization actions are indicated with an a for action. The action icon reminds you about what needs to be done and when to keep your program running smoothly, and to ensure deadlines are met. Informational or Ascensus action items are designated with an i. The information icon alerts you to the Ascensus holiday schedules and when our behind-the-scenes programs, jobs, and enhancements impact what you see and do in IRAdirect. Here are some examples of the information you will find in your IRAdirect calendar. Ascensus receipt deadlines for your financial organization s tax reporting information Alerts about the report availability in IRAdirect Reminders about account maintenance tasks that require staff attention IRAdirect programming notices Frequently Asked Questions Click the FAQ link on the homepage to view answers to frequently asked questions. Questions and answers on the Frequently Asked Questions page are arranged by category and updated seasonally. Here, you will find answers to questions about tax reporting, IRAdirect, the Security Administrator role, and much more. NOTE: The FAQ feature is written for clients on the Ascensus Fully-Administered Program, so certain categories are not applicable to Tax Reporting Service clients. However, we make this feature available because you may find helpful information that is applicable to your financial organization. 15

16 Contact Us Click the Contact Us link to access our telephone numbers, fax numbers, and mailing addresses. User Guide & Training Click the User Guide & Training link to access this user guide, the User Guide for Security Administrators, and the etax Forms User Guide, which outlines steps for selecting and downloading state copies for state reconciliation. You can also access video tutorials by clicking the IRAdirect Tutorials link. 16

17 IRAdirect Training Videos Click the IRAdirect Training Videos link in the Welcome section of the homepage to access video tutorials and training aids that cover a variety of topics, including tax reporting and IRAdirect navigation. You will also find training aids and operational tutorials. 17

18 CALCULATORS Income Attributable The Income Attributable Calculator can be used to determine the earnings (net income attributable) for a withdrawn contribution or a recharacterized contribution. A withdrawn contribution is any part of an IRA contribution that is withdrawn before the withdrawal deadline, or that does not qualify as a regular, rollover, transfer, direct rollover, IRA conversion, or SEP plan contribution. 18

19 Instructions To calculate the net income attributable amount, enter the information requested in each field, as outlined below. Date of Contribution Being Removed The date on which the contribution (that is being removed) occurred The date of the first contribution in the group, when a group of consecutive contributions is being withdrawn or recharacterized Current Value of IRA Today s balance before removing the contribution Includes all investments of the IRA and earnings that have accrued, even if they have not yet been posted Any investment penalites should be subtracted from this value 19

20 Value of IRA Immediately Before the Contribution The balance of the IRA immediately before the contribution was deposited Includes all investments of the IRA, but excludes earnings that have not been posted Contributions during the Computation Period Includes all contributions (including transfers and the contribution being removed) deposited to the account other than posted earnings Computation Period begins immediately before the contribution was made, and ends immediately before the contribution is withdrawn Distributions during the Computation Period Includes all assets (including transfers) removed from the IRA before the removal of the contribution Computation Period begins immediately before the contribution was made, and ends immediately before the contribution is withdrawn Amount Being Withdrawn or Recharacterized The amount of the contribution being removed from the account Income Attributable Will populate with the net income attributable amount after the Calculate button is clicked When all fields are completed, take the following steps to calculate the net income attributable. 1. Click the Calculate button to calculate the Income Attributable and the Total Amount to Withdraw or Recharacterize figures. 2. Click the Print link to print the net income attributable calculation information. 20

21 Post 70½ The Post 70½ Payment Estimator illustrates the difference in annual payment amounts by calculating the projected required minimum distribution (RMD). The payment amounts assume that there is a constant yield, that the payment is distributed on the first day of the year, and that there are no additional withdrawals or contributions. 21

22 The Post 70½ Payment Estimator is used to calculate the estimated RMD for the account, and should not be used to distribute periodic payments to the IRA owner. NOTE: The Post 70½ Periodic Payment Estimator is designed to be used before the year in which the IRA owner reaches age 70½. Instructions To use the Post 70½ Payment Estimator, enter the information requested in each field, as outlined below. Owner s Birth Date In mm/dd/yyyy format Is the spouse the only primary beneficiary OR is a qualified trust the sole primary beneficiary and the spouse the sole beneficiary of that trust? Answer the question by clicking the applicable radio button. No Yes Spouse s Year of Birth If you clicked the Yes radio button, you will be prompted to enter the spouse s birth year in yyyy format. Estimated Balance in Owner s 70½ Year The balance in the IRA at the end of the year preceding the year in which the IRA owner will attain age 70½ Estimated Annual Yield in IRA Investment The annual percentage earned by the IRA Use the following buttons as applicable. Click the Estimate Payments button to calculate the estimated payments for the IRA owner. Click the Print Payments link to print the calculated payment information. Click the Exit button to leave the calculator. 22

23 REPORTS AND QUEUES Through the Reports page, a General User or an Advanced User can create, view, and print a variety of reports. The report categories are listed below. General and Ad Hoc Reports Tax Reporting Summaries General and Ad Hoc Reports These reports can be customized by indicating your preferences on each report s parameters screen. Provide the information requested for the report you want to create by entering it in the applicable field on the screen or selecting an option from the drop-down menu. To create the report and print it in Portable Document Format (PDF), click the Generate Report button. NOTE: If the report can be created and printed as a spreadsheet, there will be an Output to Excel button available. Click the Reset button to clear the screen of your entries and selections. 23

24 Account Owner List This report can be used to list owner and beneficiary accounts by account type, and will include each account owner s Social Security number, date of birth, address, and account number information. Some of the customization options for this report include the following. Account Type Date of Death Owner Age Open or Closed Accounts 24

25 Fair Market Value With this report, a list of the fair market values (FMVs) of owners or beneficiaries accounts can be created according to the criteria selected. Some of the customization options for this report include the following. IRA Type Date of Death Owner or Beneficiary Date of Birth Open or Closed Accounts 25

26 Contributions Contribution information for owners accounts can be viewed according to the criteria selected. Some of the customization options for this report include the following. Account Type Contribution Type Contribution Date Range Tax Year 26

27 Withdrawals With this report a list of account owners or beneficiaries withdrawals can be created according to the criteria specified. The report can be customized according to these options. Account Type Withdrawal Reason Code Withdrawal Date Range Withdrawal Type 27

28 User Activity Report This report provides Advanced Users with a tool to monitor financial organization staff use of IRAdirect. The report documents when employees sign into IRAdirect and for how long, which helps strengthen the safeguarding of your financial organization s account owners data. An Advanced User can customize the User Activity Report generated by selecting the period for which information should be displayed. The date information is entered in the Run Date From and Run Date Through fields on the report s parameters screen. When the report is produced, it provides the following information for the date(s) selected. User ID Logout Time User Role Minutes Online Login Time 28

29 Verification Reports 1099 Reporting If your organization s reporting option is Online for IRS Forms 1099-R, 1099-Q, or 1099-SA, you will see links to the reports listed below (as applicable) on the Reports page in January. Each optional verification report can be used as a visual tool as you complete the associated report wizard for that account type. The link to each report wizard is in the Reports and Queues section of the IRAdirect homepage. Pre-1099-R Verification Report (If this report link is available, you are expected to complete the IRA Withdrawal Report Wizard.) Pre-1099-Q Verification Report (If this report link is available, you are expected to complete the ESA Withdrawal Report Wizard.) Pre-1099-SA Verification Report (If this report link is available, you are expected to complete the HSA Withdrawal Report Wizard.) FMV Reporting If your organization s reporting option is Online for FMV/RMD reporting, you will see a link to the Year End FMV Report on the Reports page in January. This optional report can be used as a visual tool as you complete the associated Year End FMV Report Wizard for FMV reporting. The link to this associated report wizard is in the Reports and Queues section of the IRAdirect homepage Reporting If your organization s reporting option is Online for IRS Forms 5498, 5498-ESA, or 5498-SA, you will see links to the reports listed below (as applicable) on the Reports page after the tax return deadline (generally April 15). Each optional verification report can be used as a visual tool as you complete the associated report wizard for that account type. The link to each report wizard is in the Reports and Queues section of the IRAdirect homepage. Pre-5498 Verification Report (If this report link is available, you are expected to complete the IRA FMV and Contribution Report Wizard.) Pre-5498-ESA Verification Report (If this report link is available, you are expected to complete the ESA Contribution Report Wizard.) Pre-5498-SA Verification Report (If this report link is available, you are expected to complete the HSA FMV and Contribution Report Wizard.) 29

30 Tax Reporting Summaries Information Reports During the tax reporting season, whenever we produce tax forms for your account owners, we make the applicable Information Report available in IRAdirect for that tax form type. 30

31 For example, if we have produced IRS Forms 5498 for your organization s Traditional and Roth IRA owners, you would see the information that appeared on each account owner s tax form by clicking the Current Tax Year 5498 Information Report link and generating the report. Below are the parameters pages for some of the Information Reports. At the bottom of each report s parameters page you will see these buttons. Report Instructions Output to Excel Generate Report Reset After opening a current tax year Information Report, take the following actions. On the report s parameters screen, click the Report Instructions button. Print the instructions, which display as a PDF file. Click the Generate Report button or Output to Excel button to open the report. Review the report carefully, as it reflects the information you provided to us, which now appears on the tax forms we produced and sent to your account owners. The information on those tax forms will be reported to the IRS. If any corrections are necessary, refer to the report instructions, which provide a step-by-step guide to entering changes in IRAdirect. Every time we produce original or corrected tax forms for your organization they will be reflected in another Information Report available in IRAdirect. You will know each time we produce tax forms of that type, because the most recent Printed Date appears in the menu on the report s parameters screen. You can also review an Information Report for a previous year by tax form type. Example: If you want to see the information on the Forms 5498 we produced for your account owners for tax year 2016, you would click the Previous Tax Years 5498 Information Report link and select 2016 from the menu on the report s parameters screen R Totals Report The 1099-R Totals Report summarizes the data listed below on the date the report was generated, and reflects the original and corrected Forms 1099-R that were printed. When we have stopped producing Forms 1099-R and have closed the tax year, the information on the 1099-R Totals Report lists the final totals information submitted to the IRS for your organization. Year to Date Adjusted Distribution Amounts Year to Date Adjusted Federal Withholdings Year to Date Adjusted State Withholdings On the report s parameters screen, you can select the tax year for the report you want to review. Keep in mind that previous tax year Form 1099-R totals can be used in reconciling your IRS 945 Withholding Report for the applicable tax year. 31

32 MAINTENANCE TOOLS Transfer Files The Transfer Files link on the IRAdirect homepage allows Advanced Users to either upload general files to Ascensus or download files delivered to you from Ascensus using Secure File Transfer Protocol (SFTP). Files transferred through this process are encrypted, scanned for viruses, and protected from unauthorized access during the entire process. The Transfer Files link will not appear if your organization is not registered to upload or download general, non-tax reporting files through IRAdirect. For more information, contact your Conversion Coordinator or IRA Processing. NOTE: This link is not used to upload tax reporting files. The Upload Tax Files link, discussed later, should be used to upload tax reporting files. General Upload To upload a general file, take the following steps. 1. Click the Transfer Files link in the Maintenance Tools section of the homepage. The General Upload tab appears, as shown below. 32

33 2. Select the File Type you are uploading by selecting one of the applicable radio buttons listed below. (Only the file types available for your organization will appear on the screen.) Name and Address Changes New Applications Miscellaneous Files 3. Enter your address in the Send Confirmation field under the Optional Settings section. (The address will default to the Primary Contact.) 4. Click the Browse button to select the file to upload from your system. 5. Click the Upload button to transmit the selected file. (The Upload button will be grayed out until all required fields are completed.) If your file was successfully uploaded, the following message will appear on the screen: Your file has been uploaded successfully. 33

34 File Upload Errors If you upload a general file and do not receive a success message, check the screen for a red error message. If an error message appears, you must fix the error and re-submit the file. Below are examples of error messages you may receive. The selected file does not contain any data. Please select another file. This error occurs when a file with no data is uploaded. The selected file name is too long. Rename the file and try uploading again. This error occurs when a file is uploaded with a file name that is greater than 139 characters. Invalid File Type. The file you have selected to upload appears to be compressed or is a type of file we do not accept. This error occurs when an unacceptable file type is uploaded. The acceptable file types are.pdf,.doc,.docx,.xls,.xlsx,.txt,.dat,.zip, and.csv. address must contain and. This error occurs then an address is missing the referenced characters. Error occurred while uploading your file. This general error message appears when an error occurs, but no other error message is applicable. In this instance, contact IRA Processing at for further assistance. 34

35 General Download To download a general file delivered to you from Ascensus, or to review a file your organization uploaded for Ascensus, take the following steps. 1. Click the Transfer Files link in the Maintenance Tools section of the homepage. The General Upload tab appears. 2. Click the General Download tab. 3. Click the Download icon ( ) under the Uploaded by Ascensus section to download a file from Ascensus. 4. Click the Download icon ( ) under the Uploaded by Financial Organization section to download and review a general file your organization uploaded for Ascensus. The table columns for files Uploaded by Ascensus and Uploaded by Financial Organization will provide the name of the file, the file size, the type of file, and the date the file was uploaded to IRAdirect. The Delete icon ( ) should only be clicked if your organization no longer needs the applicable file. 35

36 My Services The My Services link can be used to view or edit your user profile in IRAdirect. After clicking the My Services link, the following page appears. From here, you can review and edit the following items. Demographics Security Question Password Service Role If you are a Security Administrator, review the User Guide for Security Administrators, found under the User Guide & Manuals link in the Welcome section of the IRAdirect homepage, for information about approving and deactivating users, resetting passwords, and much more. 36

37 TAX REPORTING Upload Tax Files The Upload Tax Files link on the IRAdirect homepage allows Advanced Users to upload tax reporting files to Ascensus using Secure File Transfer Protocol (SFTP). Files transferred through this process are encrypted, scanned for viruses, and protected from unauthorized access during the entire process. The Upload Tax Files link should only be accessed by financial organizations that use the Transmission reporting option to submit tax information. NOTE: Do not send tax information through the Upload Tax Files link if your Reporting Option is Online for that type of reporting. Sending tax information by an incorrect reporting method will delay processing and may result in fees or penalties being charged. 37

38 The File Upload page may contain up to three sections. 1. Past Due Includes any tax information that has not yet been submitted and is now past the Ascensus deadline. 2. Upcoming Due Includes any tax information that has not yet been submitted and the Ascensus deadline is approaching. 3. Received Includes any tax information that has already been submitted and received. (You must click the triangle next to the Received header to view the tax information that has already been submitted.) NOTE: If Financial Organization is listed under the Tax Reporting Completed By column for FMV, an information icon ( click the icon, the following information is provided. ) appears. If you Tips for Uploading Tax Files If your file is formatted incorrectly, or an error occurs that delays processing because manual intervention is required to apply the tax data, Ascensus may charge your organization a $100 Processing Issue Fee. Below are some tips for submitting files and avoiding potential processing errors. Your financial organization s reporting option selections are listed on the File Upload tab. Review the Reporting Option column before submitting a file. You should only upload a file if your reporting option is Transmission for the selected file type. Only one file can be uploaded at a time. Do not attempt to upload file directories. We do not accept zipped (compressed) files. If you attempt to upload a zipped file, you will receive an upload error alert message because you have transmitted an invalid file type. Because the file has been rejected, an unzipped replacement file must be uploaded. Do not encrypt or password-protect your data/files. The Secure File Transfer Protocol encrypts the data upon submission. Encryption done by the sender may cause unnecessary delays in accessing your file. Allow Ascensus 72 hours to process your file after you submit your file and receive a success message on the screen. If your file is not successfully processed after 72 hours, and you do not receive an from Ascensus regarding any processing errors, then please contact Ascensus for assistance. 38

39 File Upload To upload a file, take the following steps. 1. Click the Upload Tax Files link in the Tax Reporting section of the homepage. The File Upload tab appears, as shown below. 2. Click the applicable radio button to select the type of file to be uploaded. Review the information on the page to ensure your organization s reporting option is Transmission for the selected file type. 3. If you re submitting a contribution file for 5498 or 5498-ESA reporting, additional steps will appear. Read the instructions on the screen to ensure the correct contribution types are read from your transmission file. 4. Enter your address in the Send Confirmation field under the Optional Settings section. 5. Click the Browse button to select the file to upload from your system. 6. Click the Upload button to transmit the selected file. (The Upload button will be grayed out until all required fields are completed.) 39

40 The transmitted file is then analyzed for valid extensions and other formatting issues depending on the type of file that was uploaded. When the file analysis is complete, one of the following messages appears. Upload Successful The file uploaded successfully, so your task is complete. Upload Error An upload error occurred because an invalid file type was submitted. The acceptable file types are.pdf,.doc,.docx,.xls,.xlsx,.txt,.dat,.zip, and.csv. You must correct the file type and re-submit the file. File Rejected Your file cannot be processed because an error occurred. These errors can occur for a number of reasons. In each instance, you must correct the error and re-submit the file. (An example of a file rejected error message is below.) 40

41 Tax Reporting Error Queue If tax reporting information is submitted for your organization by transmitting a file (the Transmission reporting option), and there are problems that prevent us from processing all of the data in the file, those issues will be reflected in the Tax Reporting Error Queue. If errors appear in your Tax Reporting Error Queue, it is important to address them immediately so the applicable tax forms can be produced for those account owners. Take the following steps if you see a red alert message on the IRAdirect homepage that reads: Tax Reporting Errors are waiting for action by an Advanced User. 1. Click the Tax Reporting Error Queue link in the Tax Reporting section of the IRAdirect homepage. 2. Click the Export all errors to Excel link to create a report of the errors for your organization s records. This export step is optional, but is recommended because once an error is corrected, you are unable to access it through the queue again. 3. Click the Error Queue User Guide link and print the guide. It provides step-by-step instructions for each error message that may appear in the Tax Reporting Error Queue. 4. Correct each error listed in the Tax Reporting Error Queue by following the instructions in the Error Queue User Guide. 41

42 Tax Reporting Warnings If tax reporting information is submitted for your organization by transmitting a file (the Transmission reporting option), review the Tax Reporting Warnings link in the Tax Reporting section of the IRAdirect homepage. This queue displays certain transactions that have been applied to an account owner s account in IRAdirect, but should be reviewed by your organization for accuracy because a change was made before it was applied. Take the following steps. 1. Click the Tax Reporting Warnings link in the Tax Reporting section of the IRAdirect homepage. 2. Follow the instructions listed on the page (or view the last page of the Error Queue User Guide for specific instructions). 3. Click the Delete button to delete a warning once it s reviewed for accurate reporting on the account owner s tree. 42

43 etax State Settings The etax State Settings link allows Advanced Users to update the settings for etax forms for state reconciliation. Ascensus uploads electronic copies of Forms 1099-R for state reconciliation to IRAdirect, rather than mailing copies to your organization. These copies are uploaded as part of the annual tax reporting cycle, and include original or corrected Forms 1099-R (as applicable) that are created based on the selections you make under the State Settings tab. We provide state copies to your organization to comply with state withholding reconciliation requirements, if applicable. Every state has different reconciliation requirements, so you should review your state s requirements and the requirements of any other states for which your account owners request state withholding from their IRA distributions. If you are unaware of the requirements for a particular state, contact that state s department of revenue (DOR) for more information. If your organization is required to submit paper copies for state reconciliation, you ll select your settings under the State Settings tab. If you re required to submit a tax file for state reconciliation, review the Tax File Creation section. Refer to the etax Forms User Guide for complete details about selecting your settings for producing etax forms for state reconciliation. The etax Forms User Guide is found under the User Guide & Training link in the Welcome section of the IRAdirect homepage. Download etax Forms The Download etax Forms link allows Advanced Users to download etax forms for state reconciliation, as applicable, for their organizations. Once downloaded, etax forms for state reconciliation should be filed with your state s DOR, if needed. Refer to the etax Forms User Guide for complete details about downloading available etax forms for state reconciliation. The etax Forms User Guide is found under the User Guide & Training link in the Welcome section of the IRAdirect homepage. 43

44 Tax File Creation If your organization is required to submit a tax file in IRS 750 Format for a particular state s reconciliation, use the Tax File Creation tab to submit a request to create this file. This tab is accessed by clicking one of the following links in the Tax Reporting section of the IRAdirect homepage, then clicking the Tax File Creation tab. etax State Settings Download etax Forms Check with your particular state s DOR to determine if a tax file is required to reconcile state withholding. If a tax file is not required, navigate to the State Settings tab to receive a PDF version of each 1099R record, if applicable. NOTE: This tax file should not be submitted to the IRS. It is only used for state reconciliation, if required. Refer to the etax Forms User Guide for complete details about selecting your settings for producing etax forms for state reconciliation. The etax Forms User Guide is found under the User Guide & Training link in the Welcome section of the IRAdirect homepage. 44

45 FINANCIAL ORGANIZATION INFORMATION Overview The tabs to your organization s information screens are accessed by clicking your organization name in the upper right corner of the homepage. It s easy to navigate to the financial organization information screens by clicking the tab you want to review. Programs Address General Reporting Contacts Summary Programs The Programs tab contains the information about your services and programs. This data can be viewed by the organization staff, but it cannot be changed. 45

46 Details Because your organization is on the Ascensus Tax Reporting Service program, this is the information you will find on the Programs screen Program Fully Admin Method Online Fiduciary Will display one of the following, as applicable. Custodian Trustee Status Will display one of the following, as applicable. Active Liquidating Establishing Terminating Inactive Check Boxes A check mark in the box indicates that Ascensus is the program administrator for those accounts. Traditional Coverdell ESA Roth SIMPLE IRA Additional Programs Health Savings Account A check mark in this box indicates you have enrolled in our HSA Program and Ascensus is the program administrator for these accounts. Record Retention This box is unchecked, as record retention is not part of the Tax Reporting Service features. Retirement Central No Forms This box is unchecked as our Retirement Central product is not part of the Tax Reporting Service features. Retirement Central Forms This box is unchecked as our Retirement Central product is not part of the Tax Reporting Service features. Retirement Central Forms with esign This box is unchecked, as Retirement Central enhanced with esign is not part of the Tax Reporting Service features. IRAdirect express This box is unchecked, as our IRAdirect express product is not part of the Tax Reporting Service features. 46

47 General The General tab contains information about your financial organization which can be viewed, but cannot be changed by financial organization staff. Details Below is a field-by-field guide to the information contained on the General screen. Financial Organization Name The name by which your organization is listed in IRAdirect. Financial Organization Legal Name The name by which your organization is identified by the IRS, which may differ from the name that appears in IRAdirect. Organization Number This is the identification number assigned to your financial organization by Ascensus. ClD# This stands for Client Identification Number, and is a unique five-digit number assigned to each IRAdirect client by Ascensus. It appears with your organization name in the upper right corner of every screen in IRAdirect, and on your organization s IRAdirect reports. Federal Tax ID The identifying number assigned to your organization by the IRS. State Tax ID The identifying number assigned to your organization by the state in which you are located and conduct business. 47

48 Edit Branch States If your financial organization has branches in other states, click the Edit Branch States link to enter and save the state name(s) in the table that appears. (This link is visible only to an Advanced User.) Changes to state tax ID numbers can be entered only by Ascensus, and only after the current tax year is closed. Contract No This eight-digit number is for internal use by Ascensus staff. Data Processor Name The name of your financial organization s data processor, if that information has been provided to Ascensus. Charter Indicates your financial organization s charter status, which is either State or Federal. 48

49 Contacts The Contacts tab contains a table with the name, telephone number, fax number, and address information for the following program contacts and roles at your organization, as applicable. One IRA Representative is designated as the primary contact, and will always appear at the top of the table. An Advanced User can add, delete, or change the information on the Contacts screen, except for the Security Administrator role, which require the completion of a registration process. A General User can only view the information. Advanced Users must click the Save button to apply any changes made to the fields on the Contacts screen. The Save button is not visible to General Users. It is the responsibility of the organization to keep the information on this screen current, and to call us about a need to add or remove a Security Administrator. 49

50 Details When an Advanced User selects a contact type from the drop-down menu, completes the information fields, and clicks Save, the new contact appears in the table at the top of the screen. Contacts listed in the table can be selected for editing by an Advanced User at any time. Click View to see and edit the contact type information. Below is a field-by-field guide to the Contacts screen. Contacts Table The Contacts Table at the top of the screen contains information about the contact types that have been entered and saved. The Primary Contact at your financial organization defaults to an IRA Representative, and the Primary Contact column displays Yes for the IRA Representative contact. If a contact has elected to receive notifications, Yes appears in the Receive s column. Click View to see all the details on the screen for the contact type selected in the table. Click Delete for the contact type selected in the table to remove the contact from the screen. o o The Benefit Claims and Security Administrator contacts in the table cannot be deleted because those contacts must register their roles with Ascensus. To delete a Primary Contact (the Primary Contact checkbox is checked), another Primary Contact must first be entered and saved. Click New to create a new contact. If you select an existing contact from the table and then click New, the selected contact will be removed and the fields cleared. Click Save to update the new information entered in the fields for the selected contact. If Save is clicked but no contact was selected, a new contact will be created. Contact Type The information displayed on the screen is dependent on the type of contact selected from the drop-down menu. IRA Representative Benefit Claims HSA Representative Security Administrator (for IRAdirect) Data Processor Financial Organization IT Third Party Vendor Primary Contact Check Box This box is available when IRA Representative is selected for the Contact Type. First Name, Middle Initial, and Last Name The name of the contact selected from the table. Phone and Ext. The telephone number called to reach the selected contact. 50

51 Fax The fax number for the contact selected from the table. Address The address to which our notifications should be sent for the selected contact. If the contact type is IRA Representative, and you want more than one IRA staff member to receive our notifications, enter a group address in this field. (Contact your organization s IT department for assistance in setting up an group.) Send notifications to this contact If the selected contact wants to receive notifications such as tax reporting reminders, notices of report availability, or special updates, click this check box. If a representative is set up to receive our notifications but you notice that he or she is not receiving these communications, have your IT department whitelist our s. They ll need the following information to complete this task. Domain: ascensus-rps.com IP Address: Retirement Central esign notifications to this contact (This feature is not available to Tax Reporting Service clients.) etax notifications to this contact (This feature is not available to Tax Reporting Service clients.) 51

52 Address The Address tab contains basic information about your financial organization, such as the PO Box and street mailing addresses, the hours of operation, telephone number, and webpage address. 52

53 Details All fields on the Address screen can be updated by a General User. Primary Address This is usually the PO Box for your financial organization. Overnight Address This is usually your financial organization s street address. Business Hours Your financial organization s hours of operation. Web Page Address The address used to access your financial organization on the Internet. Retirement Central T-I-S Web Address This is not applicable to Tax Reporting Service clients. Phone Number The main telephone number for your financial organization. States with a branch location If your financial organization has branches in other states, click the Edit Branch States link to enter and save the state name(s) in the table that appears. (This link is visible only to an Advanced User.) Changes to state tax ID numbers can be entered only by Ascensus, and only after the current tax year is closed. 53

54 Reporting The Reporting tab contains tax reporting information for your organization. It details how we expect to receive your tax information, documents when the information was received and processed, and specifies the order in which you want the records on your tax reports to be displayed. Advanced Users must click the Save button to apply any changes made to the Reporting screen. The Save button is not visible to General Users. 54

55 Details Below is a field-by-field guide to the Reporting screen. Type The type of tax reporting is displayed in this column by the name of the tax form. Tax Reporting Completed By By the tax reporting form type displayed in the Type column, this column documents whether Ascensus or your Financial Organization is producing tax forms for your account owners and reporting to the IRS. Ascensus We will produce and mail tax forms to your account owners (as applicable) and send all reportable information to the IRS by the required deadlines. Financial Organization You (or your data processor) will be responsible for producing and mailing tax forms to your account owners, and sending all reportable information to the IRS by the required deadlines. The only exception to the Financial Organization setting is for FMV reporting, where Financial Organization in this field means the following. You will submit FMV information to Ascensus in January for all of your financial organization s Traditional and Roth IRA owners, but we will produce and mail FMV/RMD statements and report the FMV to the IRS only for the following groups. Traditional IRA owners age 70½ or older in the year following the tax year, whose statements will contain the estimated required minimum distribution (RMD) for the current year as well as the December 31 ending balance (the FMV) IRA owners deceased during the tax year IRA beneficiaries determined during the tax year Your financial organization is expected to put the December 31 ending balances for all Traditional and Roth IRAs on account owners year-end statements, accompanied by language that tells the recipient the FMV will be reported to the IRS. Reporting Option This column indicates the method by which you send that type of tax reporting information to Ascensus, which will be one of the following. Online FMV, 1099, and 5498 information is submitted using the applicable report wizard available in IRAdirect in the Reports and Queues section of the homepage. For example, this setting for 1099-R, 1099-Q, or 1099-SA reporting means that you are entering withdrawals in IRAdirect as they occur throughout the year, using the form wizards. The information is then confirmed or changed in January by completing the applicable IRA, ESA, or HSA Withdrawal Report Wizard, as required. Transmission The information file is transmitted electronically using the Upload Tax Files link available in the Tax Reporting section on the homepage. Date Option Received This is the date the reporting option was requested by your financial organization. 55

56 Date Information Processed This is the date we successfully processed the information submitted for that type of reporting, which ensures the production of tax forms for your financial organization s account owners. If you report using the Online option, a date will appear in this field about an hour after you have completed the applicable report wizard and received a success message. Date Information Received This is the date we received your tax information for that type of reporting. Account Owner Order on Reports From the drop-down menu, you can determine the order in which records should appear on your reports by selecting one of the following options. Account Name SSN Account Owner SSN on Reports From the drop-down menu, you can determine how each account owner s Social Security number should appear on your reports by selecting one of the following options. Display Last 4 Digits of SSN Display Full SSN Account Owner SSN on Tax Forms From the drop-down menu, you can determine how each account owner s Social Security number should appear on each tax form produced by selecting one of the following options. Display Last 4 Digits of SSN Display Full SSN No Additional Tax Data to Report for Tax Year (Year) If your financial organization has no withdrawals (1099), fair market values (FMVs), or contributions (5498) to report for the current tax year, an Advanced User can indicate as such in this section by taking the following steps. 1. Check the box for the type of account for which you have no withdrawals, FMVs, or contributions to report. 2. Click the Save button. After clicking the Save button, a date will appear in the Date Information Received and Date Information Processed columns, and any associated red action messages on the IRAdirect homepage will no longer appear. 56

57 Contributions Applied from File to IRAdirect This section is only visible to clients that use the Transmission reporting option to submit tax data for at least one form type. It outlines the different types of contributions that are currently selected to be read and applied to IRAdirect from your transmission file, if applicable. If your organization submits tax reporting contribution information by using the Transmission reporting option, we recommend applying all contribution types from your transmission files. But if your organization s core system is not programmed to properly code all contribution types as outlined in IRS Publication 1220, you may want to consider applying only regular contributions from your files. All other contribution types would then need to be added to the specific account owner s tree in IRAdirect to ensure proper tax reporting is completed. Select a category, and then indicate the reporting option(s) to be changed. An Advanced User can change one or more of the Ascensus tax reporting options for the financial organization by changing from the Transmission option to the Online option or from the Online option to the Transmission option. NOTE: Please read about each reporting option by clicking the Changing a Reporting Option link in the Instructions box to the right of the screen, before making any reporting option changes. To change a reporting option, take the following steps. 1. Click the radio button for the reporting type for which you are changing the option FMV reporting, Withdrawal reporting (1099-R, 1099-Q, 1099-SA), or Contribution reporting (5498, 5498-ESA, 5498-SA). 2. Click the applicable check boxes that appear beneath the selected radio button. 3. If you elect the Transmission reporting option for 5498 reporting, you must also click the applicable radio button to indicate whether you want all contribution types in your file read. If you click the Only apply Regular and SEP contributions radio button instead of the Apply ALL contributions radio button, only the information listed below will be read in your file (as applicable). Regular Contributions SEP Contributions Fair Market Values (FMVs) 4. When your selections are complete, click the Save button. After saving, you will see this success message: Your changes have been saved. You will see the changes you made reflected on the Reporting screen. 57

58 Summary The Summary tab contains information about the number and type of accounts at your financial organization, as well as information regarding the number of tax forms produced. Details The following is a field-by-field guide to the Summary screen. Current Open Accounts The number of open accounts information reflects your financial organization figures at the time the screen is being viewed. The figures include owner and beneficiary accounts with data displayed in the following columns. Account Type Open account information is provided for all account types Traditional, Roth, Coverdell ESA, HSA, and SIMPLE. The Total row at the bottom provides the total number of all account types at the financial organization (including beneficiary accounts), as well as the total number of deceased account owners. Total The total number of open accounts for that account type. Over 70½ The number of account owners age 70½ or older appears only for Traditional IRAs, because only that account type has an IRS required minimum distribution beginning at age 70½. Deceased The number of deceased owners with that account type. SEP The number of dedicated SEP IRAs at your financial organization. SIMPLE The number of SIMPLE IRAs at your organization. 58

59 (Year) Tax Forms Produced The number of tax forms produced information displays data for the current tax year in the following columns. Form Type You can view the number of forms produced by form type. o o o o o o o o FMV Fair market value information 5498 Contribution and FMV information for Traditional and Roth IRAs 5498 (IRS Only) FMV information only for Traditional and Roth IRAs (no IRA contributions were made, so only the IRS receives these tax forms) 5498-ESA Contribution information for Coverdell ESAs 5498-SA Contribution and FMV information for health saving accounts (HSAs) 1099-R Withdrawal information for Traditional and Roth IRAs 1099-Q Withdrawal and FMV information for Coverdell ESAs 1099-SA Withdrawal information for health savings accounts (HSAs) Paper This column displays the total number of paper tax forms that were mailed to account owners for the applicable form type. Electronic This column displays the total number of electronic tax forms (etax forms) that were produced for account owners for the applicable form type. (This feature is not available for Tax Reporting Service clients.) Merger in Process If the screen contains a Merger in Process message, only the tax forms produced under your financial organization s federal tax ID number will be reflected. 59

60 OWNER INFORMATION Owner information is divided into two sections Account Owner General Information and Account Information. Account Owner General Information This section explains how to view and edit the account owner s personal information, and how to read and record comments regarding the owner or the owner s account(s). Account Information This section details all the accounts and the account activity you may encounter in IRAdirect. NOTE: The account owner list is commonly referred to as the owner tree or simply tree. Owner list, owner tree, and tree as used throughout the Owner Information section are synonymous. To display an account owner in the tree, you must first search for the owner using the Search tool on the homepage. You can use this tool to search by the following criteria. SSN Full Name (last, first) Last 4 of SSN Acct Number Last Name IRAdirect employs masking to help ensure the privacy of an account owner s SSN. If you search by SSN, bullets appear in the Search field as the information is entered. If you search by Last 4 of SSN, the four numbers entered in the input field are not masked. When the account owner appears in the tree, only the last four digits of the SSN are displayed, with the first five digits masked as XXX-XX. To see the SSN for the account owner, place your cursor in the Social Security Number field on the General screen and click to display the full nine-digit number. To mask the information, click outside the Social Security Number field. Your organization s account owners are displayed on the tree in a hierarchy. First, the account owner s name and SSN are shown, followed by the owner s account(s). Under each account is a year folder, and within the folder are links to any recorded account activity. 60

61 Additionally, four tools are included below the Search field to assist you in displaying the data on the tree. Clear Account Owner List removes all owner and account information from the tree Clear Other Account Owners removes all owner and account information on the tree with the exception of the account you are currently viewing Expand All displays all accounts and activity for all account owners on the tree Collapse All hides all account activity from view. NOTE: Click the + button to the left of any listing to expand the information. Click the - button to the left of any listing to collapse the information. When an account owner is displayed in the tree in the left frame of the screen, and you click that person s name, the General screen appears. 61

62 Account Owner General Information The General screen is where the personal information about each account owner is maintained. Advanced Users can update the information on this screen. Advanced Users must click the Save button to apply any changes made to the fields on the account owner s General screen. The Save button is not visible to General Users. Details The information on the General screen is comprised of the following updatable fields for the account owner. First Name: Middle Initial: Last Name: Social Security Number: (nine digits) Account owner is a non-resident alien (not typical): (Only check this box if the owner is not a U.S. citizen or resident alien. Resident aliens are citizens of another country that meet either the green card test or the substantial presence test. If this box is checked, your organization is responsible for reporting any IRA distributions on Form 1042-S, Foreign Person s U.S. Source Income Subject to Withholding. Form 1099-R cannot be used to report distributions to nonresident aliens. For more information about nonresident aliens, click the Question Mark icon or refer to IRS Publication 519, U.S. Tax Guide for Aliens.) Date of Birth: (mm/dd/yyyy format) Date of Death: (mm/dd/yyyy format) Address Line 1: (Enter the account owner s mailing address here.) Address Line 2: (Note: The purpose of this address line is to hold information from Address Line 1 that exceeds the field and wraps to Address Line 2. Unless it contains information that wrapped from Address Line 1, leave this field blank or there could be problems with tax form production for the account owner.) City: Foreign: (Click this check box if the address being entered is a foreign address.) State: (Select from the menu if the address is not foreign.) Country: (Select from the menu if the address is foreign.) Zip Code: (Five digits) Phone: (Nine digits) Address: Tax Form Delivery Method: (Shows the tax form delivery method for the account owner. The only available delivery method for Tax Reporting Service clients is Paper/Mail.) 62

63 Creating Accounts and Deleting Owners Advanced Users can create additional accounts for the displayed account owner or delete the displayed account owner using the radio buttons that appear. But these features should be used only as directed. Create Account To create a new account for the displayed owner, click the Create Account radio button, and click Continue. NOTE: Be sure you have the account owner sign an application form for the new account. Delete Account Owner To delete an account owner, click the Delete Account Owner radio button, and click Continue. NOTE: Use the delete feature with caution! You should delete an owner in this way only if you have just mistakenly created the account. Comments When an account owner is displayed in the tree in the left frame of the screen and you click the owner s name, the Comments tab is visible. The Comments screen allows you to document information about the account owner or the owner s accounts. The information can be categorized by making the appropriate selections from the drop-down menus beneath the Primary Category and the Secondary Category. 63

64 Reading Comments Any information entered and saved on the owner s Comments screen appears in the top section of the display, where you will see the date, the identity of the organization staff member making the entry, and the Primary and Secondary category. To read a comment, click View. Entering and Saving Comments 1. Select the Primary and Secondary categories. 2. Click in the Comment field and enter your comment. 3. Click the Save button. 4. To clear the screen, click New. Primary Categories You may select from the following Primary comment categories in the drop-down menu. Action Periodic Payments Call Center Reporting General Special Handling Secondary Categories You may select from the following Secondary comment categories in the drop-down menu Q Excess/Recharacterization 1099-R FMV 1099-SA General 5498 HSA 5498-ESA IRA Center 5498-SA IRAdirect express Benefit Claims MIC Billing Periodic Payments Change SEP Copy of Form Special Handling 64

65 ACCOUNT INFORMATION Account The Account screen displays the information about the owner s account type Traditional IRA, Roth IRA, SIMPLE IRA, Coverdell education savings account (ESA), or health savings account (HSA) as selected in the owner tree. Advanced Users can enter and save changes to the account information listed below by clicking the Save button. The Save button is not visible to General Users. Account Number Closed Date Open Date Traditional Type (including dedicated SEP IRAs) Account Status Reporting Options Instructions Change or update the information by entering it in the accessible fields on the screen or selecting an option from the drop-down menu. When your entries are complete, click Save. 65

66 Account Info Open Date Must be in the mm/dd/yyyy format Account Number Can consist of numeric and alpha characters Account Status Select Open or Closed from the drop-down menu Closed Date Must be in the mm/dd/yyyy format Traditional IRA Info Traditional Type Select the IRA type (Regular, Conduit, or SEP) from the drop-down menu. Reporting Options An Advanced User may indicate that the account contains hard-to-value assets (assets with no readily available fair market value) by checking the applicable check box. If this box is checked, the Hard-To-Value Asset FMV Amount field and applicable Investment Type Code drop-down menu will be enabled on the owner s FMV screen. For this Account An Advanced User may do the following by clicking the applicable radio button. Create Contribution Create Withdrawal Delete Account Create Contribution To create a contribution from the owner s Account screen, take these steps. 1. Click the Create Contribution radio button. 2. Click Continue. The Contribution screen appears. 3. Provide the information requested by entering it in the applicable fields on the screen, selecting the correct option from the drop-down menu, or clicking the appropriate check box or radio button. 4. When all information has been entered, click Save. 66

67 Create Withdrawal To create a withdrawal from the owner s Account screen, take these steps. 1. Click the Create Withdrawal radio button. 2. Click Continue. The Withdrawal screen appears. 3. Provide the information requested by entering it in the applicable fields on the screen, selecting an option from the drop-down menu, or clicking the appropriate check box or radio button. 4. When all information has been entered, click Save. Delete Account To delete the account from the owner s Account screen, take these steps. 1. Click the Delete Account radio button. 2. Click Continue. A message box appears asking: Are you sure you want to delete this IRA? Click OK to delete the account. Click Cancel to stop the deletion of the account. NOTE: Use this feature with caution! An Advanced User should use the Delete Account feature only to delete an account that was just mistakenly created in IRAdirect. 67

68 Beneficiaries The tabs for the Primary, Secondary, and Tertiary Beneficiaries screens are displayed when the Account screen is opened for an owner. NOTE: The Ascensus forms have been updated to list only Primary and Contingent categories for designating beneficiaries. The two former categories Secondary and Tertiary remain in IRAdirect so that all previous beneficiary information is accurately documented. Each beneficiary screen consists of these sections. Beneficiary Type Personal Info Address Entering Beneficiary Information Only an Advanced User can take these actions. Click the applicable beneficiary tab, Primary Beneficiaries or Secondary (Contingent) Beneficiaries. When the selected screen appears, provide the information requested by entering it in the applicable fields on the screen, selecting an option from the drop-down menu, or clicking the appropriate check box. When all information has been entered, click Save. The beneficiary information you have entered will be displayed at the top of the screen. 68

69 Tips If the address for the beneficiary is the same as that of the account owner, clicking the Copy account owner s address box will automatically fill those fields with that address. If the address being entered is a foreign address, click the Foreign check box, which will enable the drop-down menu in the Country field. If all beneficiaries in a category are to receive equal percentages, click the Calculate an equal percentage for each beneficiary radio button. If the percentages for the beneficiaries in a category will differ, click the Override radio button and enter the percentage for each beneficiary in the % box. If you have entered less than 100 percent for a beneficiary, you will be prompted to enter another beneficiary for that category until the percentage total for the category is 100 percent. Reminders The Primary Beneficiary must be saved before a Secondary (Contingent) Beneficiary can be entered and saved. Beneficiaries should be named for each account. If no beneficiaries are named, the assets will be paid according to the default provisions of the IRA Agreement. For a Coverdell ESA, the Designated Beneficiary is the child for whom the Coverdell ESA was established. The beneficiaries entered on the Beneficiaries screens are those individuals who will receive the assets upon the death of the Designated Beneficiary. 69

70 FMV The FMV screen is where you can view the current tax year December 31 ending balance for an account owner, as well as that for the previous tax year. Advanced Users can enter or update information in the FMV fields on this screen, and save their entries by clicking the Save button. The Save button is not visible to General Users. Below is a field-by-field guide to the information that can be viewed and updated on the FMV screen. Dates Processed Date The date the account owner s FMV information we received was applied to IRAdirect. FMV Generated Date The date an FMV/RMD statement was produced for the account owner for the current tax year Generated Date The date an IRS Form 5498 was produced for the current tax year if the account owner made a contribution for the tax year. 70

71 Prior Balances 12/31/yyyy FMV The FMV for the prior tax year. Date of Death Balance If the account owner died in the prior tax year and the death was reported to Ascensus, the balance in the account on the date of death is displayed and is reported to the IRS in lieu of the December 31 balance. Current Balances 12/31/yyyy FMV The FMV for the current tax year. Self Directed FMV Amount The portion of the IRA that is maintained at a brokerage firm with which the financial organization has a relationship, and for which the financial organization does the reporting. Total Amount If there was a Self Directed FMV Amount, this is the combined total of that figure and the FMV for the current tax year. Fees and Penalties (For SIMPLE IRAs only) The fees and penalties assessed on a SIMPLE IRA for the applicable year. Earnings (For SIMPLE IRAs only) The amount of earnings accrued for the SIMPLE IRA during the applicable year. Current Hard-To-Value Assets This section only appears if the hard-to-value assets indicator is checked in the Reporting Options section the owner s Account screen. If the hard-to-value assets indicator is checked, the FMV screen will appear as indicated on the following page. 12/31/yyyy Hard-To-Value Asset FMV Amount The FMV of any hard-to-value assets for the current tax year. Investment Type Code(s) The code that identifies the types of hard-to-value investments held in the IRA (a drop-down menu listing the applicable codes appears after an amount is entered in the 12/31/yyyy Hard-To-Value Asset FMV Amount field). For more information about the applicable codes, click the A through G link on the FMV screen or read below. A Stock or other ownership interest in a corporation that is not readily tradable on an established securities market B Short or long-term debt obligation that is not traded on an established securities market C Ownership interest in a limited liability company or similar entity (unless the interest is traded on an established securities market) D Real estate E Ownership interest in a partnership, trust, or similar entity (unless the interest is traded on an established securities market) F Option contract or similar product that is not offered for trade on an established option exchange G Other asset that does not have a readily available FMV H More than two types of assets (listed in A through G) are held in this IRA 71

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73 Making Corrections Before Statement Production If we have not yet produced FMV/RMD statements for your financial organization, there will not be a date in the FMV Generated Date field on the account owner s FMV screen. If corrections are needed for a current tax reporting year FMV, an Advanced User should take these steps. 1. Go to the Current Balances section of the FMV screen, and enter the correct FMV figure in the 12/31/yyyy field. For SIMPLE IRAs, correct the figures in the Fees and Penalties field or Earnings field, as applicable. 2. Click Save to apply the correction. Entering the correction will result in the production of an original FMV/RMD statement for the account owner when we begin producing those statements. After Statement Production If we have produced current tax year FMV/RMD statements for your financial organization, there will be a date in the FMV Generated Date field on the account owner s FMV screen, and the FMV/RMD Information Report will be available in IRAdirect. This report is accessed by clicking the Reports link in the Reports and Queues section of the homepage. Take the following steps. 1. Print the Current Tax Year FMV/RMD Information Report and the report instructions. (Click the Report Instructions button.) 2. Review the FMV/RMD Information Report. It contains the information printed on the FMV/RMD statements mailed to the listed account owners. 3. If any corrections are necessary, enter them in IRAdirect, as outlined in the report instructions (accessed on the report s parameters screen). Entering corrections for an account will result in the production of a corrected FMV/RMD statement for the account owner. 73

74 Withdrawal Withdrawal information for an account owner can be retrieved by clicking the applicable withdrawal link in the account owner tree. All users can view the information on the withdrawal screens, but only Advanced Users can create, delete, and correct withdrawals. NOTE: Because IRAdirect employs masking to help ensure the privacy of an account owner s Social Security number, when you search by SSN, the numbers will display as bullets when entered in the Search field. After the account owner appears in the tree, the first five digits of the SSN will be masked as XXX-XX. 74

75 Creating a Withdrawal Click the applicable owner s account in the tree for which you are adding the withdrawal. The owner s Account screen appears. Locate the For this Account box in the lower left corner of the Account screen. Click the Create Withdrawal radio button, then click Continue. 75

76 The Withdrawal screen appears. Provide the information requested by entering it in the applicable fields, selecting an option from the drop-down menu, or clicking the appropriate radio button. After all information has been entered, click Save to post the transaction to the owner tree. You will see the Withdrawal screen with a Success message at the top. 76

77 Reminders Dates must be entered in mm/dd/yyyy format. The withdrawal amount entered must be the gross amount, which includes the taxes withheld. The IRS Code field will populate after the withdrawal has been saved and posted to IRAdirect. The Reported Date field will be populated after the applicable IRS Form 1099 has been produced for the account owner. State income tax can be withheld only if your financial organization has an office in that state, and there is a specific state rule for withholding state income taxes on IRAs. Deleting a Withdrawal Click on the applicable withdrawal in the tree for the account owner. The Withdrawal screen appears. Locate the For this Withdrawal section near the bottom of the screen. Click the Delete Withdrawal check box. Click Continue. 77

78 A question box appears, asking Are you sure you want to delete this Withdrawal? Click OK to delete the withdrawal. Click Cancel to stop the deletion of the withdrawal. NOTE: Withdrawals for which IRS Forms 1099-R, 1099-Q, or 1099-SA have been produced cannot be deleted, nor can you delete rolled-up (RU) withdrawals. The delete function is to be used by an Advanced User for the sole purpose of removing a withdrawal that was just mistakenly created. 78

79 Correcting a Withdrawal To correct a withdrawal before the annual withdrawal rollup has occurred, take these steps. 1. Click the applicable withdrawal in the tree for the account owner. The Withdrawal screen appears. 2. Change the information by entering it in the applicable fields on the screen, selecting an option from the drop-down menu, or clicking the appropriate radio button. 3. Click Save. 79

80 Annual Withdrawal Roll Up Withdrawals added to IRAdirect throughout the year are rolled up (summed) into one total by IRS reason code and state withholding state. This annual rollup occurs on the last business day of the year. When the rollup is completed, individual transactions are archived and the summed withdrawals appear on the account owner s tree with an RU- 12/31/yyyy Withdrawal indicator. NOTE: An RU-01/01/yyyy Withdrawal indicator may appear if a deceased account owner made a withdrawal before death in the current tax year, or if an IRA owner turned age 59½ in the current tax year and made a withdrawal before attaining age 59½. After the roll up, the applicable Pre-1099 Verification Report (Pre-1099-R, Pre-1099-Q, and Pre-1099-SA) is available in IRAdirect for financial organizations that selected the Online reporting option for withdrawals. The Pre-1099 Verification Report for the account type (IRA, ESA, or HSA) is an optional tool that can be used to track your progress in completing the associated withdrawal report wizard. NOTE: If your financial organization reports withdrawal information by the Online reporting option, completing the applicable withdrawal report wizard in January is mandatory. If you report withdrawal information by using the Online reporting option, the IRA, ESA, or HSA Withdrawal Report Wizard must be completed to confirm or correct each listed account owner s withdrawal information. Refer to the step-by-step report wizard instructions that are accessed on the report wizard s parameters screen after clicking the applicable report wizard link in the Reports and Queues section of the homepage. Completing the withdrawal report wizard enters a Received Date and Processed Date for that tax form type (1099-R, 1099-Q, or 1099-SA) onto your financial organization s Reporting screen. If there is no Processed Date for that form type on the Reporting screen, IRS tax forms will not be produced for that account type (IRA, ESA, or HSA.) If you send withdrawal information to us once a year for 1099-R and 1099-SA reporting by transmitting a file (the Transmission reporting option), account owner tax forms will be produced using only the information provided in the transmission. Any existing current tax year withdrawals in IRAdirect will be overridden when your file is applied. NOTE: The Transmission reporting option is not available for Coverdell ESAs because there is no field in the IRS 750 Format to provide the fair market value (FMV) or the withdrawal reason code information. 80

81 Contribution Contribution information for an account owner can be retrieved by clicking the applicable contribution link in the owner tree. All users can view the information on the contribution screens, but only Advanced Users are able to create, delete, and correct contributions. NOTE: Because IRAdirect employs masking to help ensure the privacy of Social Security numbers, when the account owner appears in the tree, the first five digits of the SSN display as XXX-XX. 81

82 Creating a Contribution Click the applicable owner s account in the tree for which you are adding the contribution. The owner s Account screen appears. Locate the For this Account box in the lower left corner of the Account screen. Click the Create Contribution radio button, and then click Continue. 82

83 The Contribution screen appears. Provide the information requested by entering it in the applicable fields on the screen, selecting an option from the drop-down menu, or clicking the appropriate radio button. NOTE: A self-certified late rollover contribution can only be documented in IRAdirect by following these instructions to add the rollover contribution to the tree and checking the Late Rollover certified by the owner box. After all information has been entered, click Save to post the transaction to the owner tree. You will see the Contribution screen with a Success message at the top. NOTE: Dates must be entered in the mm/dd/yyyy format. NOTE: The Tax Reported Date field will be populated after the applicable IRS Form 5498, 5498-ESA, or 5498-SA has been produced for the account owner. 83

84 Deleting a Contribution Click the applicable contribution for the account owner. The Contribution screen appears. Locate the For this Contribution section on the screen. Click the Delete Contribution check box. Click the Continue button. 84

85 A question box appears, asking: Are you sure you want to delete this Contribution? Click OK to delete the contribution or click Cancel to stop the deletion of the contribution. Contributions for which IRS Forms 5498, 5498-ESA, or 5498-SA have been produced cannot be deleted, nor can you delete rolled-up (RU) contributions. The delete function is to be used by an Advanced User for the sole purpose of removing a contribution that was just mistakenly created. 85

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