Year-End is Almost Here: Are You Ready?


The end of 2020 is fast approaching!

Are you ready for year-end processing?

Before December 31, ensure that you have entered mortgage points paid and other 1098 data into the tax file, as well as completing regular month-end processing tasks.

From January 1 – January 6, things move quickly! As soon as possible, review the Beginning-of-Year/Tax File Verification reports. Run the Tax Information reports, and verify the Tax File, IRA Balance File distribution data, and HSA Balance File data. The final deadline before CU*Answers begins processing tax data for online clients is Wednesday, January 6, at 5 PM PT.

What should I pay special attention to during 2020 year-end processing, in regards to this year’s1099-MISC changes and the new 1099-NEC form?

Read More About Year-End Tasks

While you have received printed guides at your credit union, be sure to periodically review the guides posted on the Reference Page for any processing changes. Additionally, we have been made aware that an issue at our printing vendor may have caused missing pages in a few of the printed guides – please use these links to print those pages if needed.

2020 Year-End Guide for Online Credit Unions

2020 Year-End Guide for Self-Processing Credit Unions