Update IRA Balance Information
These steps explain how to update IRA balance information in order to prevent an account from showing up on the IRA Balance File Transaction Exception Report (LIRALMT).
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Launch Tool #896 Update IRA Balance Information.
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Enter the account number.
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Click the forward arrow.
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In the Year field, enter the year.
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In the Plan Type field, enter the code that corresponds to the IRA type.
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Click the forward arrow.
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In the Contribution limit field, review the contribution limit (per age of member) and update it according to the IRS limit.
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If the contribution is correct, review the deposits made on the member's account and update if necessary.
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Click Add/Update.