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Screen MOKCPBnk - Kansas City Profits Return Electronic Funds Withdrawal (1040)

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Overview

Use this screen to complete / modify direct deposit for electronically filed returns.
note
You can't add, modify, or cancel a direct deposit request after you transmit a return electronically. You need to verify the routing transit number and account number annually.

Direct Deposit and Electronic Funds Withdrawal

Suppress direct deposit of Kansas City profits refund
UltraTax defaults to direct depositing a Kansas City profits return refund when you enter financial institution information. Enter
X
 if you don't want to deposit the refund directly in the client's account.
Enable electronic funds withdrawal for a balance due return (Electronically filed returns only)
Enter
X
 to request an electronic funds withdrawal for a balance due return. If this field is blank, no withdrawal will occur.
Date of withdrawal (If other than due date of the return)
When you file on or before the original due date of the return, the requested withdrawal date defaults to the original due date. Use this field to enter a withdrawal date that's different from the original due date.
When you file on or before the original return due date, the taxing authority can't initiate a funds transfer before the requested withdrawal date. The actual funds transfer might occur on or after the date you request. Delays of several days aren't uncommon.
When you file after the original due date, enter the date you actually transmit the electronic file. The taxing authority will initiate a withdrawal when the return completes processing.

Electronic Extension Electronic Funds Withdrawal

Use this section to enable electronic funds withdrawal (direct debit) for the extension. Electronic funds withdrawal is available only when you file the extension electronically.
Enable electronic funds withdrawal for extension payment
Use this field to request an electronic funds withdrawal for a balance due. If you don't enable this field, no withdrawal will occur.
Date of withdrawal
Enter a date on or before the default due date of the extension. If you leave this field blank, the electronic file date defaults to the original return due date.
The actual funds transfer might occur on or after the requested withdrawal date.
note
Enter the extension amount for electronic funds withdrawal on the KC108 screen in the
Balance due on extension (Force)
 field

Account Information

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 identified account is used for an IAT. Because state and local agencies can't process an IAT, UltraTax CS suppresses the direct deposit when you select this field. This suppression is noted in the diagnostic messages and the account information is omitted from forms and client documents.

This article applies to:

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

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