1. A Year-End IRA Program
Checklist
It’s almost December, which means it’s time for “making a list and checking it twice”—a task
that doesn’t apply only to your holiday gift list! Taking the appropriate year-end steps at your
credit union this month can help ensure smooth sailing for the upcoming tax reporting season.
 Review the status of Traditional IRA owners receiving required minimum distributions
(RMDs), and ensure that each owner’s full payment amount for the year is distributed by
December 31.
 Mail withholding notices to IRA owners and beneficiaries who are receiving scheduled
payments quarterly or more frequently (e.g., RMDs), as the withholding notice must be
provided before the first payment each year.
 Update your core processing system with corrections to an IRA owner’s name, Social
Security number, and date of birth in preparation for tax reporting.
 Review your IRA owner address information and update it as necessary, so there are
no tax form delivery problems during the upcoming reporting season.
 Review the IRS rules for fair market value (FMV) and RMD reporting, and confirm that
your credit union is ready to comply with the requirements.
 Contact your data processor to confirm that your expectations for tax file creation and
submission are clear and documented.
 At the end of the month, verify that all IRA withdrawals for the current year have been
entered into your core processing system to ensure the information is complete before
your Form 1099 file is produced.
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