IRAdirect express
Portico interfaces with IRAdirect express, a workflow process for processing new IRA accounts, HSA accounts, contributions and withdrawals. IRAdirect express accumulates information needed for reporting to the IRS.
The IRAdirect express check box on the Credit Union Profile - Shares indicates the credit union uses IRAdirect express to process new IRAs and HSAs, withdrawals, and contributions.
An IRAdirect express web page will appear when opening an IRA account or HSA account, contributing funds to an IRA or HSA, or withdrawing funds from an IRA or HSA within Portico using the following transactions:
- New Share dialog box
- Transactions - Single Deposit, Withdrawal, Payment or Loan Advance tab
- Transactions - Share and Loan Transfers tab
- Transactions - Close Share Account tab
- Certificate Purchase dialog box
- Certificate Add-On dialog box
- Certificate Surrender dialog box
Member information from Portico is automatically entered into the member application for a new IRA or HSA on IRAdirect express.
When making a withdrawal from an IRA or HSA, you can leave the withdrawal code blank on Portico and let IRAdirect express help you determine the correct code. IRAdirect express only displays the codes that make sense for the member’s age and the type of IRA or HSA. IRAdirect express sends Portico the withdrawal code.
The following information from Portico will be sent to IRAdirect express based on the event.
| This information will be sent… | If this event occurs… |
|---|---|
| Event Type = A | Open |
| Event Type = C | Contribution |
| Event Type = W | Withdrawal |
| Member Number | Open, Contribution, Withdrawal |
| Birth Date | Open, Contribution, Withdrawal |
| Open Date | Open, Contribution, Withdrawal |
| Social Security Number | Open, Contribution, Withdrawal |
| Name | Open, Contribution, Withdrawal |
| Address 1 and 2 | Open |
| City | Open |
| State/Country Code | Open |
| Zip Code | Open |
| IRA Type (T, R, E) | Open, Contribution, Withdrawal |
| Contribution Amount | Open, Contribution |
| Effective Date | Open, Contribution, Withdrawal |
| IRA Deposit Code | Contribution |
| Disbursal Choice (Check/Cash/Transfer) | Withdrawal |
| Transfer Member Number and Share Type | Withdrawal |
| Withdrawal Amount | Withdrawal |
| Federal Withholding | Withdrawal |
| State Withholding | Withdrawal |
| Certificate Penalty | Withdrawal |
Documents generated and signed through IRAdirect express can be automatically imaged to the Nautilus Essentials IRA Direct repository.