Method and system for tax reporting for qualified plans

• US 20040254927A1
• Filed: 06/10/2003
• Published: 12/16/2004
• Est. Priority Date: 06/10/2003
• Status: Abandoned Application

• Current Assignee: UBS Financial Services Incorporated (UBS Ag)
• Original Assignee: UBS PaineWebber, Inc. (UBS Ag)
• Inventors: Lang, Michael D., Dispensa, Paul Jr., DʼAngelo, Dana, Miranda, Ray, Bautista, Dindo
• Application Number:
  US10/457,719
• Publication Number:
  US 20040254927A1
• Time in Patent Office: Days
• US Class Current: 707/5
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A system and method for tax reporting of taxable and non-taxable distributions, gains and losses of investments including providing access to tax information regarding the investments and providing various functions pertaining to the tax information associated with qualified plans is provided. The system and method can be used by, among others, financial institution personnel to view and adjust tax information on tax forms.

Claims

1. A method for tax reporting, the method comprising:

accessing a tax information database to retrieve aggregate tax reporting information associated with at least one qualified plan and transactional tax reporting information corresponding to the aggregate tax reporting information;

displaying, on a client a screen, the aggregate tax reporting information associated with the at least one qualified plan reported in a tax form; and

displaying, on a client a screen, the transactional tax reporting information corresponding to the aggregate tax reporting information associated with the at least one qualified plan reported in the tax form.

2. The method of claim 1, wherein the tax form is at least one of an IRS 1099-R, 5498, Year End Valuation (YEV), 2439 and Schedule P tax form.

3. The method of claim 1, wherein accordance with at least one of the screen including the aggregate tax reporting information or the screen including the transactional tax reporting information includes at least one edit field including the tax reporting information and which the tax reporting information may be modified through the at least one edit field.

4. The method of claim 1, wherein the screen including the transactional tax reporting information includes:

a field that includes a tax year;

a field that includes an account identifier;

one or more fields arranged in a columnar manner including the transactional tax reporting information; and

at least one icon or interactive tab to switch to the screen including the aggregate tax reporting information.

5. The method of claim 1, wherein, if a qualified plan participant corresponding to the transactional tax reporting information and the aggregate tax reporting information changes tax status in a tax year, the method further comprises dividing the transactional tax reporting information and the aggregate tax reporting information among screens corresponding to relevant tax forms based upon a change of tax status date.

6. The method of claim 1, further comprising adding a bar code to the tax form as printed to control packaging of inserts with the printed tax form.

7. A tax reporting system, comprising:

a controller to process a request for a tax form screen;

a database accessor, invoked by the controller, to access a tax information database to retrieve aggregate tax reporting information associated with at least one qualified plan account and transactional tax reporting information corresponding to the aggregate tax reporting information;

a screen generator to generate the tax form screen for display on a client, a view of the tax form screen including the aggregate tax reporting information associated with at least one qualified plan account reported in a tax form and another view of the tax form screen including the transactional tax reporting information corresponding to the aggregate tax reporting information reported in the tax form.

8. The system of claim 7, wherein the tax form is at least one of an IRS 1099-R, 5498, Year End Valuation (YEV), 2439 and Schedule P tax form.

9. The system of claim 7, wherein the view of the tax form screen including the aggregate tax reporting information or the view of the tax form screen including the transactional tax reporting information includes at least one edit field including the tax reporting information, which may be modified through the at least one edit field.

10. The system of claim 7, wherein the view of the tax form screen including the transactional tax reporting information includes:

a field that includes a tax year;

a field that includes an account identifier;

one or more fields arranged in a columnar manner including the transactional tax reporting information; and

at least one icon or interactive tab to switch to the view of the tax form screen including the aggregate tax reporting information.

11. The system of claim 7, wherein if a qualified plan participant corresponding to the transactional tax reporting information and the aggregate tax reporting information changes tax status in a tax year, the tax reporting system is adapted to divide the transactional tax reporting information and the aggregate tax reporting information among screens corresponding to relevant tax forms based upon a change of tax status date.

12. The system of claim 7, wherein the tax reporting system is adapted to add a bar code to the tax form as printed to control packaging of inserts with the printed tax form.

13. The system of claim 7, wherein the database accessor is adapted to access a customers and qualified plans accounts database, an investment advisors database and a securities database to retrieve investment information and the screen generator to generate the tax form screen for display on a client using the investment information.

14. A computer program product including computer program code to cause a processor to perform a method for tax reporting, the method comprising:

accessing a tax information database to retrieve aggregate tax reporting information associated with at least one qualified plan account and transactional tax reporting information corresponding to the aggregate tax reporting information;

displaying on a client a screen including the aggregate tax reporting information reported in a tax form; and

displaying on a client a screen including the transactional tax reporting information corresponding to the aggregate tax reporting information reported in the tax form.

15. The computer program product of claim 14, wherein the tax form is at least one of an IRS 1099-R, 5498, Year End Valuation (YEV), 2439 and Schedule P tax form.

16. The computer program product of claim 14, wherein the screen including the aggregate tax reporting information or the screen including the transactional tax reporting information includes at least one edit field including the tax reporting information, which may be modified through the at least one edit field.

17. The computer program product of claim 14, wherein the screen including the transactional tax reporting information includes:

a field that includes a tax year;

a field that includes an account identifier;

one or more fields arranged in a columnar manner including the transactional tax reporting information; and

at least one icon or interactive tab to switch to the screen including the aggregate tax reporting information.

18. The computer program product of claim 14, wherein, if a qualified plan participant corresponding to the transactional tax reporting information and the aggregate tax reporting information changes tax status in a tax year, the method further comprises dividing the transactional tax reporting information and the aggregate tax reporting information among screens corresponding to relevant tax forms based upon a change of tax status date.

19. The computer program product of claim 14, the method further comprising adding a bar code to the tax form as printed to control packaging of inserts with the printed tax form.

20. A user interface for a tax reporting system, comprising a screen including:

a field that includes a tax year;

a field that includes an account identifier;

one or more fields including transactional tax reporting information corresponding to aggregate tax reporting information associated with a qualified plan account; and

at least one icon or interactive tab to switch to a screen including the aggregate tax reporting information.

21. The user interface of claim 20, wherein the tax form is at least one of an IRS 1099-R, 5498, Year End Valuation (YEV), 2439 and Schedule P tax form.

22. The user interface of claim 20, wherein the screen further includes one or more interactive tabs that, when excited, trigger display of one or more screens corresponding to one or more different tax forms.

23. The user interface of claim 20, wherein the screen further includes one or more interactive sub-tabs that, when excited, trigger display of one or more screens corresponding to one or more different types of a tax form.

24-28. -28. cancelled

29. A tax reporting system, comprising:

means for accessing a tax information database to retrieve aggregate tax reporting information associated with at least one qualified plan account and transactional tax reporting information corresponding to the aggregate tax reporting information;

means for displaying on a client a screen including the aggregate tax reporting information reported in a tax form; and

means for displaying on a client a screen including the transactional tax reporting information corresponding to the aggregate tax reporting information reported in the tax form.

30. The system of claim 29, wherein the tax form is at least one of an IRS 1099-R, 5498, Year End Valuation (YEV), 2439 and Schedule P tax form..

31. The system of claim 29, wherein the screen including the aggregate tax reporting information or the screen including the transactional tax reporting information includes means for editing the tax reporting information.