IRA Deposit Limit Warning

Screen ID:  n/a images\16g_shg.gif
Screen Title: Warning
Panel ID: 16
    Click here to magnify

SEE ALSO: IRA Processing

This window appears when you attempt to deposit funds into an IRA account (savings or certificate) and the amount exceeds the annual deposit limit for that IRA Plan Type. The following programs will use this warning:

  • Teller Posting

  • Transfers (Teller, Tool #516 Member Account Transfer, Phone)

  • Mail / Direct Post

  • Account Adjustments (regular and coded)

  • Opening / Redeeming an IRA Certificate

  • Wire Transfers (Tool #981 Post Wire Transfer to Member Account, Phone)

Displayed will be the annual deposit limit for the IRA Plan Type and YTD deposits already made. The difference is the maximum amount that can still be deposited in the current tax year.

  • NOTE: This limit will check against the deposit limit from the IRA Balance File record for this specific member. This may be different from the default limit, if the limit was adjusted manually for this particular member.

Use the Backup arrow to return to the original posting program and change the deposit amount or the IRA code. Or use Override/Continue (F20) to post the transaction anyway. The amount over the limit will appear on the daily IRA Balance File Transaction Exception Report (LIRALMT) that also shows over-limit activity for other reasons, including batch-posted activity such as ACH.