Generate 5498 Statements
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Overview of IL273
The Generate 5498 Statements report searches for all contributions made to IRA investments in the year and produces statements that can then be mailed to investors. The report is typically run at the end of year during your organization's year end periodic processing. The report can then update the IRS Reporting System so that the information can be reported to the IRS. To generate the report:
- From the DDI Connect main menu, double-click Financial Services
- Double-click Investments
- Double-click Reports
- Double-click 273 Generate 5498 Statements. The parameters screen will launch:
You have the following options on this screen:
| Field | Description | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Base date | Typically a year end date. You can type the date in a mm/dd/yyyy format or click the calendar icon to select the date | ||||||||
| Custodian | If you wish to generate statements for only those IRAs for a particular custodian, you can enter the custodian PIN here or click the search icon to search for the custodian PIN | ||||||||
| Create notices? | If selected, the 1099R statements will be generated for investors | ||||||||
| Merge method | NOTE: This field is only visible if the "Create notices?" box has been selected Click the list icon to select the method desired to create the notices. Your options are:
| ||||||||
| Load IRS payee information | If selected, the system will update the IRS Reporting system with the results | ||||||||
| Remove existing payee information | NOTE: This field is only visible if the "Load IRS payee information" box has been selected. If selected, the system will remove any existing payee information for this form for the selected tax year before uploading the data from the report | ||||||||
| Payee operation | NOTE: This field is only visible if the "Load IRS payee information" box has been selected. You have the option of copying amounts to existing payee, which will overwrite any existing payee data for this calendar year, or adding the amounts to existing payee, which will add the report results to any existing payee data for this calendar year |
Mailmerge Fields
This report generates mailmerge data (max 50) and has the potential to include the following fields.
| Name | Description |
|---|---|
| Address1 | |
| Address2 | |
| Address3 | |
| Address4 | |
| Address5 | |
| Address6 | |
| Box1 | |
| Box2 | |
| Box3 | |
| Box4 | |
| Box5 | |
| Box6 | |
| Box7 | |
| Box8 | |
| Box9 | |
| Box10 | |
| Box11 | |
| Box12 | |
| Box13 | |
| Box14 | |
| Box15 | |
| Box16 | |
| SocialSecurity | |
| TaxableYear |
Merge Form Selection Rules
Based on Investment Form Code Selection
Print Options
After clicking the Print Options button you will see the following options. Choose the desired options and click OK to return to the report parameters screen.
| Option | Description |
|---|---|
| Printer | Click the drop down arrow to select from a list of available printers. DDI Connect uses your default printer unless told otherwise |
| Format | Click the drop down arrow to select from a list of available formats. Select paper size, number of columns, and number of rows for printing. Each report has built-in format defaults. Select “Use Defaults” to use the built-in report defaults. The number of rows and columns controls the print size and amount of information per page |
| Memo | If you wish, you can add a memo to the output of the report. NOTE: It is recommended that Word documents be saved with the .docx extension |
| View Report | This option generates a pdf file that is displayed on the screen when the report is generated |
| Archive Report | If this option is selected, the system will archive the report in the DDI Connect report archives. For information on working with archived reports, please reference this page: Archived Report Viewer |
| Print Report | If selected, the system will generate the report output to your default printer. NOTE: You will also receive a pdf version of the report, displayed on your screen |
| Print via PDF | Prints directly to your printer. |
| This option allows you to send a .pdf attachment of the report to the indicated users' email addresses. When OK is clicked, a dialog box will open requesting a recipient | |
| Duplex/Top | Prints the report on both sides of the paper in landscape style. The printer must be capable of printing on both sides or an error will occur |
| Duplex/Side | Prints the report on both sides of the paper in portrait style. The printer must be capable of printing on both sides or an error will occur |
| Green bar | Adds shaded, horizontal bars to the report, making it easier to read across columns |
| No dialog | Selecting this option means that no ‘Report Completed’ dialog will display after the report has been generated |
| Extra copies | If you want extra copies of the report generated, type the number in this field |
Click start. If you elected to create notices, you will now need to merge them. The system will display a summary report of the results of the report. Click below to view a sample of the summary report, as well as a sample statement.
