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Screen MNBank - Minnesota 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, electronic funds withdrawal for estimated payments, and direct deposit of the property tax refund. Direct deposit is available when filing electronically or on paper. Electronic funds withdrawal for the return is available only when filing electronically. The taxing agency doesn’t support electronic funds withdrawal for extensions.
note
Once an electronic return is accepted, a direct deposit or electronic funds withdrawal request can't be added, changed, or canceled. The routing transit number and account number should be verified yearly. Contact Minnesota to change or cancel a transaction included in an accepted electronic file.

Direct Deposit and Electronic Funds Withdrawal

Use this section to indicate the Minnesota option for direct deposit and electronic funds withdrawal (direct debit). Form M1 shows details of the requested deposit. The Bank Authorization for Direct Debit form shows the details of requested withdrawal. The Electronic Estimated Tax Payments form shows the details of the requested estimate payments. Direct deposit is available when a portion of the refund is applied to next year’s estimates and for filing electronically or on paper. Electronic funds withdrawal for the return is available only when filing electronically.
Suppress direct deposit of refund on Forms M1, M1X, and M99 / Form M1PR and M1PRX
UltraTax CS selects direct deposit for the Minnesota Form M1, Property Tax Refund Form M1PR and Military credit Form M99 returns when financial institution information is entered. Enter
X
 in the field to suppress direct deposit.
Use Refund Advantage / EPS Financial for refund deposit
Use this field to have the client’s refund, less applicable fees, deposited with Refund Advantage / EPS Financial. This field is available only when filing electronically and a bank product is selected in the RAL federal screen.
Electronically withdraw funds for a balance due
Enter
X
 to enable an electronic withdrawal of funds for a balance due M1 return. If not enabled, no withdrawal will occur.
Automatic withdrawal amount for balance due on Form M1
The amount of withdrawal defaults to the total amount due with the return. Use this field to request a different amount.
Date of automatic withdrawal
Use this field to request a different withdrawal date other than the original due date of the return. If filing on or before the original due date, the date of withdrawal defaults to the original due 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. Please note, the electronic withdrawal date can't be more than 1 day prior or 180 days after the e-file transmission date of the return.
The actual transfer of funds may happen on or after the requested date. Delays of several days aren't uncommon.

Estimated Payment Electronic Funds Withdrawal

Use this section to designate electronic funds withdrawal (direct debit) for estimated tax payments. Electronic funds withdrawal is available only when filing electronically. Direct deposit or electronic funds withdrawal for the refund or balance due on the tax return is not required to pay next year’s estimated tax by electronic funds withdrawal.
Electronically withdraw all estimate payments / Use Estimate Due Date
Use these fields to indicate each estimate authorized for electronic withdrawal. The estimated payment amount is the calculated amount on the Minnesota Estimated Tax Payments Worksheet. Statutory due dates are automatically displayed for each quarter marked for electronic funds withdrawal. Dates may be adjusted as needed. The dates and amounts of withdrawal are included in the electronic file, the filing instructions, and printed on Form EETP, Electronic Estimated Tax Payments, and the Estimated Tax Payments Worksheet.

Account Information

To prevent unintended IRA premature withdrawal penalties or excess contributions, account information doesn’t transfer from the Bank federal screen when the account type is 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.
To enable any electronic payments or refunds, valid data entry is needed in the Routing transit number, Depositor account number and Type of account fields. If any field is left blank or has invalid data entry, the bank information won’t be used on the return.
  • A valid routing transit number is 9 digits with the 1st 2 digits within the range of 01-12 or 21-32.
  • A valid depositor account number may include letters and numbers. Omit spaces, hyphens, and other special characters.
Non-US financial institution
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 gets the funds for that transaction from a foreign account.
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 an electronic file will indicate that an IAT was requested.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1040 Individual
  • State: Minnesota

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