Screen TNLLCBnk - Tennessee Single Member LLC - Electronic Funds Withdrawal (1040)

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Overview

Use this screen to enter direct deposit and electronic funds withdrawal information for Form FAE 170 and Form INC 250 (filed by an LLC). All payments made for an electronically filed return are required to be made electronically. Both electronic funds withdrawal as designated in an electronic return and Electronic Funds Transfer (EFT) are acceptable electronic payments. Tennessee allows electronic funds withdrawal of the balance due, estimates and extensions in electronically filed returns.

Estimated Payment Electronic Funds Withdrawal

Electronic funds withdrawal of a return balance due is not required to pay next year's estimated tax by electronic funds withdrawal. Use this section to indicate each estimate authorized for electronic withdrawal. The estimated payment amounts are the calculated amounts on the Tennessee Franchise, Excise Estimated Tax Worksheet. Dates may be adjusted by using the Estimate due dates (Force) fields on TNLLCEst Screen.
The actual transfer of funds may occur on or after the estimated payment due date. Delays of several days are not uncommon.

Account Information

Bank information entered on federal Bank Screen does not transfer to this screen. Enter complete bank information in this screen to designate an electronic funds withdrawal in an electronically filed return. Complete bank information requires a routing transit number of nine digits with the first two digits within the range of 01-12 or 21-32, an account number consisting of only digits and letters, and both account type fields to be entered.
Non-US financial institution
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.

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