Create the 5498 Disk

Step One: Set up Parameters

Follow the directions below.

1. From the Master Menu, select 3 - Reports Menu, 4 - Year End Processing Menu and 3 - Magnetic Media Preparation.
   
   
2. Set program parameters.
   
   
   
   

   Sort Key:	Control/Account #
   Address Code:	Use Regular Address
   Year Option:	Current Year's Data
   Data Option:	Use Current Data
   File Option:	0 - Original File
   Minimum Amount:	0.00
   Option Selected:	All Control Groups
   Floppy/Removable:	A:\
   Create Zip File:	Unchecked
   Form Type:	5498 or 5498E if you have Coverdell IRAs
   Form Year:	Prior Year's Date
   Example: Your system is in 2006. You would enter 2005. The data you are sending is from last year's contributions plus any contributions made from January 1st thru April 15th of current year that was coded as a prior years contribution.
   Transmitter Code:	99999
   Contact Person:	Name of Credit Union Contact

Step Two: Delete previous Magnetic Media Files

Follow these directions:

1. Select the Disk Operations menu and select Delete Magnetic Files From Hard Drive.
   
   
   
   
2. You will be prompted to ensure you want to delete the magnetic files. Click Yes.
   
   

Step Three: Create Magnetic Media Files

Follow these directions.

1. Insert a disk into the drive you specified on the form.
   
   
   
   
2. To create the magnetic media files, select the Disk Operations menu and select Create Magnetic Media Files.
   
   
   
   
3. You will be prompted to confirm that you want to create the magnetic media files. Click Yes to continue.
   
   
   
   

   Please Note: If you receive a message box that prompts you to insert a disk, step 5 was either not completed or the disk was placed in the wrong drive. Please insert the disk in the correct drive and continue. If the disk is not readable, please use a different disk.

   
   
   
4. Click OK to complete the creation process.
   
   

Step Four: Print the IRS Required Magnetic Report

Follow these directions.

1. Select Reports and select IRS Required Magnetic Report.
   
   
   
   
2. Click OK when the report has printed.
   
   

Step Five: Format Disk (Optional Step)

Follow these directions if you want to format the disk you will be copying the magnetic files to.

1. Select Disk Operations menu and select Format Removable Disk.
   
   
   
   
2. A message box will appear to ensure you want to delete all the files on the disk as a result of formatting the disk.
   
   
   
   
3. The Format screen will appear. Select Quick Format and click Start.
   
   
   
   
4. The Format program will ask if you want to continue since all files on the disk would be deleted as a result of formatting the disk.
   
   
   
   
5. Click OK on completion prompt and Close on the Format window.
   
   

Step Six: Copy Magnetic Media Files to disk

Follow these directions.

1. Select Disk Operations menu and select Copy Magnetic Files to Disk.
   
   
   
   
2. Click OK on the message box that will tell you how many disks you will need to complete this operation.
   
   
   
   
3. Click Yes on the message box that will confirm that you want to copy files to disk.
   
   
   
   
4. Click Yes on the message box asking you to insert a disk into the drive after the disk is inserted.
   
   
   
   
5. Click Copy to begin copying the file to disk.
   
   
   
   You will see this screen as the copying takes place.
   
   
   
   
6. At the end, you will be prompted on whether you would like to make another copy. Click Yes to make another copy or click No to complete the project.
   
   

You have now completed the 5498 File.