Adding or Maintaining an IRA Beneficiary Distribution
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The IRA Beneficiary Distribution Maintenance dialog box lets you maintain a distribution in preparation for your year-end tax reporting.
To add a new beneficiary distribution, click the New button on the IRA Beneficiary Distribution List dialog box. The IRA Beneficiary Distribution Maintenance dialog box will appear with blank fields for you to complete. You should only add a distribution using the IRA Beneficiary Distribution Maintenance dialog box if you need to make a correction. For normal beneficiary distributions, you should always use the Transactions - IRA Withdrawal to Beneficiary tab to ensure that the balance and distribution field values on the IRAs tab are updated correctly. Portico uses the field values on the IRAs tab for IRS reporting.
To maintain a distribution, click the Details icon button on the IRA Beneficiary Distribution List dialog box to display the IRA Beneficiary Distribution Maintenance dialog box. Prior year distributions can be viewed until they are purged on the first Saturday in April of the following year. All fields on the IRA Beneficiary Distribution Maintenance dialog box will be protected for prior year distributions. Current year distributions can be maintained until December 31 of the current year.
How do I? and Field Help
When adding a new beneficiary distribution, enter the beneficiary’s taxpayer identification number (SSN, EIN, or ITIN) that will be reported to the IRS in the TIN field (Length: 9 numeric/Keyword: S1). You can enter the taxpayer identification number when adding a new beneficiary distribution. This field cannot be changed when maintaining a distribution. Portico partially masks taxpayer ID numbers. If you are assigned to the Portico – User Can View/Maintain TIN security group or a credit union-defined security group with the Portico – User Can View TIN permission or the Portico – User Can Maintain TIN permission, an eye indicator will appear within the field to indicate that you have permission to view the taxpayer ID number. You can click inside the field to show the taxpayer ID. When you tab out of the field, the taxpayer ID will be masked. The taxpayer ID will remain unmasked as long as the field has focus.
Click the Effective Date down arrow to select the effective date of the transaction from the pop-up calendar or enter the date in MM/DD/YYYY format. The TIN field and Effective Date field cannot be changed when maintaining a distribution.
In the Beneficiary Name/Address group box, enter the name and address of the beneficiary receiving IRA death benefits from a member.
| Field | Description |
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The name of the beneficiary receiving IRA death benefits from a member. Length: 23 alphanumeric Keyword: N1 |
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Line 1 of the beneficiary's address. Length: 24 alphanumeric Keyword: A1 |
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Line 2 of the beneficiary's address. If the Address is Foreign check box is selected, the foreign city's name must reside in the Address 2 field. Length: 24 alphanumeric Keyword: A2 |
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The city where the individual resides. If the Address is Foreign check box is selected, the Country drop-down list and State/Province field will appear. Enter the foreign city's name in the Address 2 field and the foreign country's name in the City field. For countries other than Canada or Mexico, enter the two character country code in the State field for mailing label purposes. Then, choose the country from the Country drop-down list and enter the appropriate 2-character state or province code or select the state or province from the State/Province drop-down list to provide this information for the Self Service Interface. For Canadian addresses, enter Canada in the City field and enter the two character province code in the State field for mailing label purposes. Then, choose Canada from the Country drop-down list and select the appropriate Canadian province from the State/Province drop-down list to provide this information for the Self Service Interface. For Mexican addresses, enter Mexico in the City field and enter the two character state code in the State field for mailing label purposes. Then, choose Mexico from the Country drop-down list and select the appropriate Mexican state from the State/Province drop-down list to provide this information for the Self Service Interface. If your credit union has foreign address support with Corillian Online Banking, member updates to foreign addresses via online banking will display a three-character abbreviation in the City field. For example, if a member updates their Canadian address using online banking, CAN will appear in the City field and Canada will appear in the Country field. When 3rd party vendors update Portico with foreign address changes, the foreign city's name will appear in the Address 2 field (e.g. Guadalajara), the foreign country code will appear in the State field (e.g. MX), and the Country field and State/Province field will be cleared. The Country and State/Province fields allow you to capture the foreign address information to be used by the Self Service Interfaces (SSI) for online banking online enrollment, online banking verification, and online banking demographic updates. The Country and State/Province fields do not impact address formats for labels, statements, or notices. Fiserv recommends reviewing the Self Service Member Request Report 941 to identify members that updated a foreign address. Then, use the member's non-financial history to verify that the address information was entered correctly. Length: 18 alphanumeric Keyword: AC |
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Click the down arrow to select the correct state abbreviation from the drop-down list. If the Address is Foreign check box is selected, the Country drop-down list and State/Province field will appear. Enter the foreign city's name in the Address 2 field and the foreign country's name in the City field. For countries other than Canada or Mexico, enter the two character country code in the State field for mailing label purposes. Then, choose the country from the Country drop-down list and enter the appropriate 2-character state or province code or select the state or province from the State/Province drop-down list to provide this information for the Self Service Interface. For Canadian addresses, enter Canada in the City field and enter the two character province code in the State field for mailing label purposes. Then, choose Canada from the Country drop-down list and select the appropriate Canadian province from the State/Province drop-down list to provide this information for the Self Service Interface. For Mexican addresses, enter Mexico in the City field and enter the two character state code in the State field for mailing label purposes. Then, choose Mexico from the Country drop-down list and select the appropriate Mexican state from the State/Province drop-down list to provide this information for the Self Service Interface. If your credit union has foreign address support with Corillian Online Banking, member updates to foreign addresses via online banking will display a three-character abbreviation in the City field. For example, if a member updates their Canadian address using online banking, CAN will appear in the City field and Canada will appear in the Country field. When 3rd party vendors update Portico with foreign address changes, the foreign city's name will appear in the Address 2 field (e.g. Guadalajara), the foreign country code will appear in the State field (e.g. MX), and the Country field and State/Province field will be cleared. The Country and State/Province fields allow you to capture the foreign address information to be used by the Self Service Interfaces (SSI) for online banking online enrollment, online banking verification, and online banking demographic updates. The Country and State/Province fields do not impact address formats for labels, statements, or notices. Fiserv recommends reviewing the Self Service Member Request Report 941 to identify members that updated a foreign address. Then, use the member's non-financial history to verify that the address information was entered correctly. Keyword: AS |
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The postal ZIP Code for the address listed. For domestic addresses, the ZIP code must be either 5 or 9 digits. For foreign addresses, the ZIP code can be up to 10 characters. If the Address is Foreign check box is not selected:
If the Address is Foreign check box is selected:
Length: 9 numeric (10 alphanumeric if the Address is Foreign check box is selected.) Keyword: ZP Reporting Analytics for Primary Member Address: MBR Zip Code Dash (Located in Member Information/Member Base subject and Month-end Information/Member Month-end/ME Member Base subject) |
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Select this check box if the address is foreign. If the Address is Foreign check box is selected, the Country drop-down list and State/Province field will appear. Enter the foreign city's name in the Address 2 field and the foreign country's name in the City field. For countries other than Canada or Mexico, enter the two character country code in the State field for mailing label purposes. Then, choose the country from the Country drop-down list and enter the appropriate 2-character state or province code or select the state or province from the State/Province drop-down list to provide this information for the Self Service Interface. For Canadian addresses, enter Canada in the City field and enter the two character province code in the State field for mailing label purposes. Then, choose Canada from the Country drop-down list and select the appropriate Canadian province from the State/Province drop-down list to provide this information for the Self Service Interface. For Mexican addresses, enter Mexico in the City field and enter the two character state code in the State field for mailing label purposes. Then, choose Mexico from the Country drop-down list and select the appropriate Mexican state from the State/Province drop-down list to provide this information for the Self Service Interface. If your credit union has foreign address support with Corillian Online Banking, member updates to foreign addresses via online banking will display a three-character abbreviation in the City field. For example, if a member updates their Canadian address using online banking, CAN will appear in the City field and Canada will appear in the Country field. When 3rd party vendors update Portico with foreign address changes, the foreign city's name will appear in the Address 2 field (e.g. Guadalajara), the foreign country code will appear in the State field (e.g. MX), and the Country field and State/Province field will be cleared. The Country and State/Province fields allow you to capture the foreign address information to be used by the Self Service Interfaces (SSI) for online banking online enrollment, online banking verification, and online banking demographic updates. The Country and State/Province fields do not impact address formats for labels, statements, or notices. Fiserv recommends reviewing the Self Service Member Request Report 941 to identify members that updated a foreign address. Then, use the member's non-financial history to verify that the address information was entered correctly. Keyword: FF |
In the Beneficiary Transaction group box, complete the following fields:
| Field | Description |
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Click the down arrow to select the type of IRA account. The valid values are: T – Traditional R – Roth C – Coverdell ESA |
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Select this check box to indicate that the distribution of funds was a total distribution. |
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Click the down arrow to select the IRA distribution code. The valid values are: Traditional IRA 4 – Account holder deceased 4G – Conduit IRA Distribution Roth IRA T – Normal distribution – age >59 ½ Q – Qualified Coverdell ESA 5 – Account holder deceased |
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The amount distributed to the beneficiary. Length: 10 numeric including decimal |
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The amount of Federal tax withheld from this IRA distribution to the beneficiary. Length: 10 numeric including decimal |
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The amount of state tax withheld from this IRA distribution to the beneficiary. Length: 10 numeric including decimal |
Click Save to save your changes. When you click Save, Portico will update the Last Activity group box with the current date and your user ID. Any changes or new additions to the IRA beneficiary distributions will be reported on non-financial history and the Non-Financial Transaction Register Report 030. Beneficiary distributions added manually using IRA Beneficiary Distribution Maintenance dialog box will not update the IRA balance or distribution field values on the IRAs tab.
Click the Delete Beneficiary Distribution button to delete a beneficiary distribution record. Deleting the beneficiary distribution record does not adjust/delete the distribution on the IRAs tab. You must correct the distributions on the IRAs tab.
Click Cancel to reject your changes and close the dialog box.
To access the IRA Beneficiary Distribution Maintenance dialog box, users must be assigned to one of the following security groups or you can add these permissions to a credit union-defined security group using the Security Group Permissions – Update window.
| Permissions | Security Groups |
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| IRAs - IRA Beneficiary Maintenance – View Only | Teller - Basic Teller - Advanced Member Services – User |
| IRAs - IRA Beneficiary Maintenance – Maintain | Teller - Basic Teller - Advanced Member Services – User |
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- IRA Transaction Register Report 421
- Non-Financial Transaction Register Report 030
Portico Host: 42A