Steps to Complete After 3/31/26

 

Step 1

Generate the appropriate type of IRS file

Select Tax Information

Tax Reporting Module will display

Select the Processing tab.

Under Create:

Select IRS Correction files as needed.

IRS Correction File - This is the correction file for the IRS File 2/28 or 3/31 that was previously submitted.

IRS File 1099 NEC

Select Submit.

NOTE: Correction files are sent after the original file has been submitted to the IRS.

For data center customers, notify the data center once correction records are ready to be sent.

NOTE: Update IRA statement file when the bank performs the 4/15 processing.

 

 

Step 2

IRA/HSA Information: 

Account holders have until April 15th, 2026 to complete their previous year contributions to IRA/HSA accounts.

If IRA/HSA tax records were output in January for printing, these records will need to be cleared and re-output to include previous year contributions.

NOTE: Any maintenance entered at the tax record level will need to be re-entered once records have been cleared and output.

Reference the Compass XD - Tax Reporting document for steps on clearing and output of tax records.

 

Any account that requires a 5498 ESA, the account holder MUST receive their copy including previous year contributions by May 2nd. All other IRA/HSA account holders may receive their updated/new forms by May 31.

 

Step 3

Generate the 5498 IRS file

Select Tax Information

Tax Reporting module will display

Select the Processing tab

Under Create:

Select IRS File 5498s

NOTE: For data center customers if the Tax Exhibit is reflecting the reporting and ouput of these forms, the file will be generated and sent prior May 31.

 

Step 4

Generate the 5498 IRS Correction file

Select Tax Information

Tax Reporting module will display

Select the Processing tab

Under Create:

Select IRS 5498 Correction File

NOTE: Correction files are sent after the original file has been submitted to the IRS. For data center customers, notify the data center once correction records are ready to be sent.