IRA Verification Report

Screen ID:  Screen Title:  Panel Number: Report Name:

LIRAVR-01 IRA Verification Report 732 LIRAVR, LIRAVR3

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Access this screen by selecting Tool #942: Verify IRA Balances Report.

This report is used to compare the totals of the members' IRA transactions by IRA Plan Type and Code to the IRA reporting “buckets” in the IRA Balance File. The report shows those situations where these two totals do not match, broken down by Plan Type. Records are grouped by Plan Type, then sorted by Account (corporations are combined on a single report).

A second report prints beneficiary distribution information and lists members that show withdrawals flagged as death distributions. You’ll be able to compare the total amount flagged against the individual records of distribution as part of your regular IRA monitoring and verification activities. A * Mismatch next to a record indicates that the amount to be distributed and the distributions are not a match.

Additional Resources

Booklet: IRA Processing Guide

We had a Roth beneficiary payout that did not appear on the beneficiary distribution report (Tool 942). Can you tell me what this report looks for?

I am verifying my tax forms and do not find a tax form generated for a Roth IRA beneficiary, even though there was a beneficiary distribution recorded. Why would this happen?

 

Report Samples

Report Sample - Beneficiary Distribution (Traditional)

 

Report Sample - Beneficiary Distribution (Roth)