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Screen IABank - Iowa Direct Deposit, Electronic Funds Withdrawal (1040)
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Overview
Use this screen to complete / modify direct deposit and electronic funds withdrawal. If information transferred from UltraTax/1040 does not require additional data or coding, UltraTax/1040-IA shows it on the form only, not in the input screen.
note
Once an electronic return is transmitted, a direct deposit or electronic funds withdrawal request cannot be added, modified or canceled. The routing transit number and account number should be verified annually.
Direct Deposit and Electronic Funds Withdrawal
Suppress direct deposit of refund
UltraTax CS automatically chooses direct deposit for the Iowa return refund when financial institution information has been entered in the federal Bank Screen. Enter
X
if you do not want to deposit the state refund directly in the client's account.Use Refund Advantage / EPS Financial for refund deposit
Use this field to have the state refund deposited with Refund Advantage / EPS Financial. This field is available only if the federal refund is being deposited with Refund Advantage or EPS Financial.
Enable electronic funds withdrawal for a balance due return
Use this field to request an electronic withdrawal of funds for a balance due return. If not enabled, no withdrawal will occur.
Date of withdrawal
When filing on or before the original due date of the return, the requested date of withdrawal defaults to the original due date. Use this field to provide a requested withdrawal date if different from the original due date.
When filing after the original due date, enter the anticipated filing date here. The taxing authority will initiate a withdrawal when the return has completed processing.
When filed on or before the original return due date, the taxing authority cannot initiate a funds transfer prior to the requested withdrawal date. The actual transfer of funds may occur on or after the requested date. Delays of several days are not uncommon.
Estimated Payment Electronic Funds Withdrawal
Use this section to designate estimated payments electronic funds withdrawal for electronically filed returns.
Electronically withdraw funds for estimate payments
Electronic funds withdrawal of estimates is available for electronically filed returns only. Direct deposit or direct debit of balance due is not required for direct debit of estimates. Use these fields to indicate each estimate authorized for electronic withdrawal. The estimated payment amount is the calculated amount on the Iowa Estimated Tax Payments Worksheet. Dates may be adjusted by using the
1st - 4th payment: Requested Withdrawal Date
fields. The dates and amounts of withdrawal are included in the electronic file and printed on the Illinois Estimated Tax Payments Worksheet.Account Information
Routing transit number / ... / Type of account (If IRA, deposit only, where state allows)
UltraTax/1040-IA automatically uses the financial institution information entered in the federal Bank Screen for direct deposit or electronic funds withdrawal. To select a different account for the Iowa refund transaction, enter the financial institution information in this field. The
Routing transit number
, Depositor account number
, and Account type
fields all must be completed.Non-US financial institution (International ACH transaction)
There are regulations affecting international electronic funds transfers processed though the automated clearing house (ACH) network. A domestic ACH transaction is a direct deposit to or withdrawal from an account in a U.S. financial institution. An international ACH transaction (IAT) is a direct deposit to an account in a U.S. bank that automatically forwards the refund to an account in a foreign financial institution, or a withdrawal from a U.S. bank account that receives the funds for that transaction from a foreign account. The account owner will know when an international transfer account has been established for them. Enter
X
if the account identified is used for an IAT. Because state agencies cannot process an IAT, UltraTax CS suppresses the direct deposit or electronic funds withdrawal when this field is marked. This suppression is noted in the diagnostic messages and the account information is omitted from forms, client documents, and electronic returns. State agencies are tallying how many international transactions they will need to support in future years so the return will indicate that an IAT was requested.