![ProConnect Help](https://uxfabric.intuitcdn.net/web-app/sh-exp-pcg-app-experience/pcg_ohh_icon.2bb472dd.png)
Common questions about the benefit plan summary annual report (SAR) in Lacerte
by Intuit• Updated 1 year ago
Below are solutions to frequently asked questions about entering summary annual reports (SARs) for benefit plans in Lacerte.
What is the summary annual report?
The summary annual report is an overview of the benefit plan Form 5500 that the plan administrator must distribute to all plan participants/beneficiaries each year. It's due within 9 months of the end of the plan year, or 2 months after the filing due date for Form 5500 (with an approved extension.
How do I edit the summary annual report?
Follow these steps to edit the SAR in Lacerte:
- Go to Screen 21, Summary Annual Report.
- The Items Included in the Report section will allow you to tailor which information is included or not in the report by entering a '1' for include or a '2' to exclude on the appropriate line.
- There are also options to designate the Contact Person listed on the letter in the section Contact Persons for Obtaining Copies.
- There are entries for Other additional explanation (Ctrl+E) under the sections for Pension Summary Annual Report and Welfare Summary Annual Report.
Note: The SAR is not transmitted with the E-File, and can be suppressed by entering a 4 in the field Summary annual report: 1=pension, 2=welfare, 3=both, 4=neither [O].
How do I print a participant package?
Follow these steps to print a partcipant package using Lacerte:
- From the Settings menu, select Options to open the Benefit Plan User Options window.
- You can also press Ctrl+O on your keyboard.
- Select the Items To Print tab.
- From the Copy column on the left navigation panel, select Participant Package.
- The program displays the items that will print with the participant package.
- Check or uncheck each box to make any changes to this list.
- Click OK to save the changes.
- Go to the Clients tab and choose the applicable client.
- From the Print menu, select Tax Return.
- Select Participant package only and click OK.
- Select the individual participants for the participant package.
- You can also click Check All to print for all participants.
- Click OK to begin printing the participant package.
Sign in now for personalized help
Ask questions, get answers, and join our large community of Intuit Accountants users.
More like this
- Common questions about individual social security benefits in Lacerteby Intuit•111•Updated 2 years ago
- Common questions for Form 8962 Premium Tax Credit in Lacerteby Intuit•246•Updated November 29, 2023
- Common questions about Form 5329 Retirement Plan Taxes in Lacerteby Intuit•68•Updated March 06, 2024
- Common questions about e-filing the 5500 Benefit Plan in Lacerteby Intuit•8•Updated 3 weeks ago
- Common questions about SE Health Insurance in Lacerteby Intuit•29•Updated March 08, 2024