Year-End Quick Connect

Our Advice for a Smooth Year-End

  • Select a coordinator to assign tasks and ensure they are complete.

  • Review the guide carefully, including any post-publication updates.

  • Review deadlines in advance to avoid missing a task and incurring a fee.

  • Have all year-end staff attend year-end training.

  • Pay special attention to year-end emails as requirements may change.

  • Ask questions! Our teams are here and ready to assist.

Year-End Bulletins

Use these emails and posts to keep track of training information and updates/revisions to the guide or processing plans.

2024 Year-End Bulletin #1: Guides Are Available!

Training Dates and Information for Year-End Processing

This year, CU*Answers will offer three training sessions, combined for both Online and Self-Processing clients. Approximately 15 minutes at the end of each training will be dedicated to solely self-processor year-end tasks.

  • Tuesday, November 12 @ 3:00 - 4:30 PM ET

  • Thursday, November 21 @ 9:30 – 11:00 AM ET

  • Tuesday, December 3 @ 3:00 – 4:30 PM ET

Register for Training: https://www.cuanswers.com/resources/edu/courses/syllabi/?course=3.95

Information for Online Credit Unions

Your year-end processing guide is located here:

https://www.cuanswers.com/wp-content/uploads/YearEndGuideOnline.pdf

Your Month End Verifications guide is located here:

https://www.cuanswers.com/wp-content/uploads/MonthEndProcessingVerification`s.pdf

Upcoming Due Dates and Deadlines

November Tasks and Deadlines

Deadline Task
Thursday, November 14 Make a decision on whether or not you wish to print substitute 1099-INT forms on member statements
Thursday, November 14 Update the Tax Forms Handling Instructions screen in CU*BASE
Anytime in November
Verify State ID # for reporting on 1099-INT, 1099-MISC, 1099-R (for those who are reporting withholding information)
CUs offering e-statements and using substitute 1099-INTs: send “alert” email message (can be done in Nov. or Dec.)
Update Federal Holidays/non-business days configuration

December Tasks and Deadlines

Deadline Task
Monday, December 2 Verify Equity Loan categories to ensure proper 1098 (Mortgage Interest) reporting
Monday, December 2 Verify Share and Certificate configurations to ensure proper 1099-INT reporting; check settings on the credit union account
Monday, December 2 Verify Accounts Payable Vendor settings to ensure proper 1099-MISC reporting
Friday, December 6 Order special envelopes for Auditor member account verification mailing (if necessary)
Friday, December 6 Clear statement messages for December statements (if using substitute 1099- INTs) and modify statement messages/instructions
Friday, December 6 Modify December e-statement notification message (if using substitute 1099- INTs)
Friday, December 27 Enter mortgage points paid and other 1098 (mortgage interest) data into the Tax File
Friday, December 27 Statement inserts due at Sage Direct

January Tasks and Deadlines

Deadline Task
As Soon As Possible After Wednesday, January 1 Review Beginning-of-Year/Tax File Verification Reports
Monday, January 6 Run Tax Information Reports
Monday, January 6 Final verification of distribution IRA Balance File data (distributions only for all IRA plan types, including death distributions to beneficiaries) and HSA Balance File data (forms 1099-Q, 1099-R, 1099-SA)
Monday, January 6 Verify Tax File (Tool #1014) and make adjustments where necessary (before PRINTING forms)
Monday, January 6 Verify 1099-MISC and 1099-NEC amounts for Accounts Payable Vendors
Anytime in January
Close the General Ledger for 2024 (must be completed prior to reporting January YTD figures)

March Tasks and Deadlines

Deadline Task
Friday, March 7 Deadline for final adjustments to the Tax File (before IRS reporting)

April Tasks and Deadlines

Deadline Task
Thursday, April 17 Final verification of Coverdell contribution (5498-ESA) data in IRA and HSA Balance Files

May Tasks and Deadlines

Deadline Task
Thursday, May 1 Final verification of contribution data (5498) data in IRA and HSA balance files, make modifications where necessary

Information for Self-Processing Credit Unions

Your Year-end processing guide is located here:

https://www.cuanswers.com/wp-content/uploads/YearEndGuideSelfProcessing.pdf

Your Month End Verifications guide is located here:

https://www.cuanswers.com/wp-content/uploads/MonthEndProcessingVerifications.pdf

Upcoming Due Dates and Deadlines

November Tasks and Deadlines

Deadline Task
Thursday, November 14 Notify CU*Answers if you plan to print substitute 1099-INT forms on statements
Thursday, November 14 Verify how your credit union’s IRA/HSA plans are administered (Self-administered, Ascensus- or other third party-administered) and make printing plans. Then, complete and return the Tax Forms Archival Instructions form to indicate how your tax forms should be handled.
Anytime in November
Verify State ID # for reporting on 1099-INT, 1099-MISC, 1099-R (for those who are reporting withholding information)
Verify Accounts Payable Vendor settings to ensure proper 1099-MISC reporting
Verify Share and Certificate configurations to ensure proper 1099-INT reporting; check settings on the credit union account
Verify Equity Loan categories to ensure proper 1098 reporting
CUs offering e-statements and using substitute 1099-INTs: send alert email message (can be done in Nov. or Dec.)
Update Federal Holidays/non-business days configuration
Perform verification checklist during November EOM processing

December Tasks and Deadlines

Deadline Task
Friday, December 6 Prepare Annual Statement configuration
Friday, December 6 Order special envelopes for Auditor member account verification mailing (if necessary)
Friday, December 6 Clear statement messages for December statements (if using substitute 1099-INTs)
Friday, December 6 Modify statement messages/instructions
Friday, December 6 Modify December e-statement notification message (if using substitute 1099-INTs)
Friday, December 27 Enter mortgage points paid and other 1098 data into the Tax File
Friday, December 27 Statement inserts due at Sage Direct
Tuesday, December 31 Perform verification checklist before/after EOY processing

January Tasks and Deadlines

Deadline Task
As Soon As Possible After Wednesday, January 1 Review Beginning-of-Year/Tax File Verification Reports
Monday, January 6 Final verification of distribution IRA Balance File data (distributions only for all IRA plan types, including death distributions to beneficiaries) and HSA Balance File data (forms 1099-Q, 1099-R, 1099-SA)
Monday, January 6 Verify Tax File (Tool #1014) and make adjustments where necessary (before PRINTING forms)
Monday, January 6 Verify 1099-MISC and 1099-NEC amounts for AP Vendors
Monday, January 6 Verify 1099-MISC and 1099-NEC amounts for Accounts Payable Vendors
Monday, January 6 Run Tax Information Reports and move to DAILYxx or MONTHxx if you want these reports archived
Friday, January 10 Deadline for • Asensus 1099-R and 1099-SA distribution and Fair Market Value (FMV) data due
Friday, January 31 Deadline for • furnishing 1099 and 1098 forms to members - 1099 – MISC forms to members 1099 – NEC forms to the IRS and to members
Anytime in January
Close the General Ledger for 2024 (must be completed prior to reporting January YTD figures)

March Tasks and Deadlines

Deadline Task

Recommended by

Friday, March 7

Final adjustments to the Tax File

April Tasks and Deadlines

Deadline Task

Recommended by

Thursday, April 17

Final verification of Coverdell contribution (5498-ESA) data in IRA and HSA Balance Files
Thursday, April 17 Deadline for submitting file to Sage Direct for printing 5498-ESA forms (if Sage Direct is printing your forms)
Monday, April 21 Ascensus-Administered: Submit 5498-ESA (contribution) data to Ascensus
Wednesday, April 30 Deadline for submitting 5498-ESA (Coverdell contribution) forms to members

May Tasks and Deadlines

Deadline Task

Recommended by

Thursday, May 1

Final verification of contribution data (5498) data in IRA and HSA balance files, make modifications where necessary
Tuesday, May 6 Ascensus-Administered: Submit 5498 and 5498-SA data to Ascensus
Tuesday, May 6 Deadline for submitting file to Sage Direct for printing 5498 and 5498-SA forms (if Sage Direct is printing your forms)
Saturday, May 31 Deadline for furnishing 5498 and 5494-SA forms to members and submitting 5498 (contribution) data to IRS