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Screen KYBank - Kentucky Direct Deposit, Electronic Funds Withdrawal (1040)
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Overview
Use this screen to enter direct deposit and electronic funds withdrawal information for the tax return and the extension. Direct deposit and electronic funds withdrawal for the return and the extension are available only when filing electronically. A balance due extension filed electronically will need to include an electronic funds withdrawal.
note
Once an electronic return is transmitted, a direct deposit or electronic funds withdrawal request can't be added, modified or canceled. The routing transit number and account number should be verified annually.
Direct Deposit and Electronic Funds Withdrawal
Use this section to indicate the Kentucky option for direct deposit and electronic funds withdrawal (direct debit). Form 8879-K shows details of the requested deposit or withdrawal. Direct deposit and electronic funds withdrawal are available only when filing electronically.
Suppress direct deposit of Kentucky refund
UltraTax CS automatically selects direct deposit for the Kentucky return refund when account information is entered. Enter
X
if you don't want to deposit the state refund directly into the client's account.Use Refund Advantage / EPS Financial for refund deposit
Use this field to have the client's refund deposited with Refund Advantage / EPS Financial. This field is available only when filing electronically and a bank product is selected in the federal
RAL
screen.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. Partial payments aren't accepted.
When electronic funds withdrawal is requested, the account number will need to be numeric. You can't use spaces, dashes or alpha characters.
Date of withdrawal
If filing on or before the original due date, the date of withdrawal defaults to the original due date. Use this field to request an earlier withdrawal date. If filing after the original due date, enter the anticipated filing date of the return. The taxing agency will initiate a withdrawal request when the return has completed processing.
The actual transfer of funds may occur on or after the requested date. Delays of several days aren't uncommon.
Estimated Payment Electronic Funds Withdrawal
Use this section to enable electronic funds withdrawal (direct debit) for estimated payments. Electronic funds withdrawal is available only when filing the return electronically. Kentucky doesn't accept electronic payments of estimated tax with the e-filed extension.
Electronically withdraw all estimate payments
Electronic funds withdrawal of estimates is available for electronically filed returns only. Direct deposit or direct debit of balance due isn't required for direct debit of estimates. The estimated payment amount is the calculated amount on the Kentucky Estimated Tax Payments Worksheet. Withdrawal dates and amounts can't be adjusted. All estimates will need to be of an identical amount. The dates and amounts of withdrawal are included in the electronic file and printed on the Kentucky Estimated Tax Payments Worksheet.
Extension Payment Electronic Funds Withdrawal
Use this section to enable electronic funds withdrawal (direct debit) for the extension. Electronic funds withdrawal is available only when filing the extension electronically.
Enable electronic funds withdrawal for extension payment
Use this field to request an electronic withdrawal of funds for a balance due extension. If this field isn't enabled, no withdrawal will occur. A balance due extension filed electronically will need to include an electronic funds withdrawal.
If filing on or before the original due date, the date of withdrawal defaults to the original due date. Use this field to request an earlier withdrawal date.
The actual transfer of funds may occur on or after the requested date. Delays of several days aren't uncommon.
Date of withdrawal
If filing on or before the original due date, the date of withdrawal defaults to the original due date. Use this field to request an earlier withdrawal date.
The actual transfer of funds may occur on or after the requested date. Delays of several days aren't uncommon.
Account Information
The primary account information entered in the federal
Bank
screen transfers automatically. A different account may be entered for the Kentucky return. It is recommended that the routing transit number and account number be verified annually with the taxpayer.To prevent unintended IRA premature withdrawal penalties or excess contributions, account information doesn't transfer from the federal
Bank
screen for an IRA. If a deposit to an IRA is intended, enter that account information in this screen. An IRA can't be selected for electronic funds withdrawal.Routing transit number
UltraTax/1040-KY automatically uses the primary checking or savings account financial institution information entered in the federal
Bank
screen for direct deposit or electronic funds withdrawal. To select a different account for the Kentucky transaction, enter the financial institution information in the field. Routing transit number
, Depositor account number
, and Type of account (If IRA, deposit only where state allows)
will need to be completed.Only non-IRA savings or checking accounts may be selected for automatic funds withdrawal.
IRA account information transferred from the federal return to the state is ignored. This is to prevent unintentional excess contributions to an IRA.
Refunds may be deposited to IRA accounts; enter the account information on this screen.
Name of financial institution
This field is used in filing instructions and forms to help identify the account.
Depositor account number
Data entry in this field is required in order to consider the account information complete for UltraTax/1040 processing. If this field is left blank, the account won't be used. The account number may include digits and letters. Omit spaces, hyphens, and other special characters.
Type of account (If IRA, deposit only, where state allows)
Data entry in this field is required in order to consider the account information complete for UltraTax/1040 processing. If this field is left blank, the account won't be used. Select the type of account from the fieldview.
An IRA account type can't be selected for electronic funds withdrawal.
Non-US financial institution (International ACH transaction)
There are regulations affecting international electronic funds transfers processed through 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 can't 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’ll need to support in future years so the return will indicate that an IAT was requested.