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Screen NYBank - New York Direct Deposit, Electronic Funds Withdrawal (1040)
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Overview
Use this screen to enter direct deposit and electronic funds withdrawal for the tax return and extension. For the tax return, direct deposit and electronic funds withdrawal are available when filing electronically or on paper. A balance due extension filed electronically must include an electronic funds withdrawal.
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 Fund Withdrawal
Use this section to indicate the New York option for direct deposit and electronic funds withdrawal (direct debit). Forms IT-201 and IT-203 show details of the requested deposit and withdrawal details. Direct deposit and electronic funds withdrawal are available when filing electronically or on paper.
Suppress direct deposit of New York refund
UltraTax CS automatically chooses direct deposit for the New York return refund when financial institution information has been entered in the federal Bank screen. Enter
X
if you don't 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 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 this option isn't enabled, no withdrawal will occur. Paper filed returns and electronically filed returns are eligible.
Date of withdrawal If no date is entered, NY debits upon e-file acceptance
Electronic funds withdrawal defaults to the transmission date of the return. Use this field to request a withdrawal date up until the due date of the return if filing before the original due date. Don't enter a date after the original due date of the return. The taxing authority will initiate a withdrawal when the return has completed processing.
Amount of withdrawal
The amount of withdrawal defaults to the total amount due with the return. Use this field to request a different amount.
Estimated Payment Electronic Funds Withdrawal
Enable electronic withdrawal for estimate payments
NYS Department of Taxation and Finance supports electronic funds withdrawal (direct debit) of estimated payments with the Form IT-201/203 electronically filed tax return or as "standalone" payments via the electronic Extension process. If not filing the current year return before next year's estimates are due, select
File
, then Print Extensions
and mark the Print estimates with extension
under Options to submit estimated payments via EFW.Use this section to designate electronic funds withdrawal for next year's estimated tax payments. Electronic funds withdrawal is available only when filing the return electronically or using the extension payment process (
File
, then Print Extensions
) to submit electronically. Note that it's not necessary to actually include an extension payment amount when using File
, Print Extensions
to authorize direct debit of next year's estimates as standalone payments.Enter code
1
to authorize EFW of next year's estimate payments with the Form IT-201/203 return. Enter code 2
to authorize EFW via the Extension process. It's not necessary to actually make an extension payment in order to authorize direct debit of estimated payments when using File
, Print Extensions
.note
Each requested estimate payment creates an electronic file (e-file) separate from the extension file or the return file and must be transmitted through CS Connect.
You must include the Requested Withdrawal Date in order to authorize EFW. UltraTax CS automatically enters the default due date for the quarterly estimate when you authorize EFW of the payment. Dates for electronic withdrawal may be adjusted by using the Requested Withdrawal Date fields. Don't enter a date beyond the date of that quarter's due date.
The estimated payment amount is calculated via the New York Estimated Tax Payment Worksheet. The dates and amounts of withdrawal are included in the electronic file and printed on the New York Estimated Tax Payments Worksheet.
Extension Payment Electronic Funds Withdrawal
Use this section to indicate the New York electronic funds withdrawal information for Form IT-370.
Enable electronic funds withdrawal for extension payment
Use this field to request an electronic withdrawal of funds for a balance due extension. If not enabled, no withdrawal will occur. A balance due extension filed electronically must include an electronic funds withdrawal.
Date of withdrawal
The requested date of withdrawal defaults to the current date. Use this field to provide a requested withdrawal date. Don't enter a date beyond the due date of the extension.
Form IT-370, if filed electronically, requires the use of electronic funds withdrawal if a balance is due. If Form IT-370 is filed electronically, a voucher isn't available to accompany payments made via check. If electronic funds withdrawal isn't selected for an extension payment, UltraTax CS assumes the taxpayer will use a paper voucher or will visit the New York State website to request an extension and remit payment.
Signature date
Enter the date Form TR-579.1-IT is signed by the taxpayer. If this field is blank, UltraTax CS next uses the
Signature date
field in the federal PIN screen. If both of those fields are blank, UltraTax CS defaults to the option selected in the When Form 8879 (etc.) signature date(s) (Preparer and/or Client) are not entered
field in Setup
, Office Configuration
, Print Options
.Account Information
The primary account information entered in the federal Bank screen transfers automatically. A different account may be entered for the New York return. It's recommended that the routing transit number and account number be verified annually with the taxpayer.
Routing transit 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.
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.
note
New York State issues a check if an account is used more than 2 times.
Type of account
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 dropdown list.
- 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.
Bank account type
The State of New York requires that the type of bank account, either personal or business, is indicated to initiate a direct deposit or electronic funds withdrawal. UltraTax CS automatically selects personal account for New York returns IT-201 and IT-203. If the account is a business account, choose
2
from the fieldview.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 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 will need to support in future years so the return will indicate that an IAT was requested.NYS 529 College Savings Accounts
Use this section to designate tax overpayment to NYS 529 college savings accounts. There is a maximum of 3 accounts allowed.