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Common questions about the benefit plan summary annual report (SAR)

SOLVEDby IntuitLacerte TaxUpdated July 27, 2021

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:

  1. Go to Screen 21, Summary Annual Report.
  2. 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:

  1. From the Settings menu, select Options to open the Benefit Plan User Options window.
    • You can also press Ctrl+O on your keyboard.
  2. Select the Items To Print tab.
  3. From the Copy column on the left navigation panel, select Participant Package.
    • The program displays the items that will print with the participant package.
  4. Check or uncheck each box to make any changes to this list.
  5. Click OK to save the changes.
  6. Go to the Clients tab and choose the applicable client.
  7. From the Print menu, select Tax Return.
  8. Select Participant package only and click OK.
  9. Select the individual participants for the participant package.
    • You can also click Check All to print for all participants.
  10. Click OK to begin printing the participant package.

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