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Screen MTBank - Montana Direct Deposit, Electronic Funds Withdrawal (1040)
Overview
Use this screen to enter direct deposit and electronic funds withdrawal information for the tax return. 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 does not support electronic funds withdrawal for extensions.
Direct Deposit and Electronic Funds Withdrawal
Use this section to indicate the Montana option for direct deposit and electronic funds withdrawal (direct debit). The requested financial transaction details reported in the Montana Electronic Funds Withdrawal record are only used for electronic filing when the state is directed to either withdraw the balance due from or deposit the refund to the filer’s account
Suppress direct deposit of refund
UltraTax CS automatically chooses direct deposit for the Montana return refund when account information is entered. Enter
X
to suppress deposit of 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 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.
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 are not uncommon.
Amount of withdrawal
The amount of withdrawal defaults to the total amount due with the return. Use this field to request a different amount.
Account Information
The primary account information entered in federal Bank Screen transfers automatically. A different account may be entered for the Montana return. It is recommended that the routing transit number and account number be verified annually with the taxpayer.
Routing transit number
A valid routing transit number is nine digits with the first two digits within the range of 01-12 or 21-32.
Name of financial institution
Used in filing instructions and forms to help identify the account.
Depositor account number
A valid depositor account number may include letters and numbers. Omit spaces, hyphens, and other special characters.
Type of account
Select the type of account from the drop-down list.
To prevent unintended IRA premature withdrawal penalties or excess contributions, account information does not transfer from federal Bank Screen when the account type is IRA. If a deposit to an IRA is intended, enter that account information in this screen. An IRA cannot be selected for electronic funds withdrawal.
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.