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Screen VTBank - Vermont Direct Deposit, Electronic Funds Withdrawal (1040)
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Overview
Use this screen to complete direct deposit and electronic funds withdrawal for electronic filing. If information transferred from UltraTax/1040 doesn’t require additional data or coding, UltraTax/1040-VT shows it on the form only, not in the input screen.
note
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 Funds Withdrawal
Suppress direct deposit of refund
UltraTax CS selects direct deposit for the Vermont return refund when financial institution information has been entered in the Bank federal 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 RAL federal 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
When filing on or before the original due date of the return, the requested date of withdrawal defaults to the original due date. Use this field to provide a requested withdrawal date if different from the original due date. When filing after the original due date, enter the anticipated filing date here. The taxing authority will initiate a withdrawal when the return has completed processing. When filed on or before the original return due date, the taxing authority can't initiate a funds transfer before the requested withdrawal date. The actual transfer of funds may occur on or after the requested date. Delays of several days aren't uncommon.
Amount to withdraw
Enter a withdrawal amount different from the balance due on the return.
Extension Payment Electronic Funds Withdrawal
Use this field to request an electronic withdrawal of funds for a balance due extension. If this field is not enabled, no withdrawal will occur.
Enable electronic funds withdrawal for extension payment
Use this field to request an electronic withdrawal of funds for a balance due extension. If this field is not enabled, no withdrawal will occur.
Account Information
Routing transit number/Type of account (If IRA, deposit only, where state allows)
UltraTax/1040-VT automatically uses the primary checking or savings account financial institution information entered in the Bank federal screen for direct deposit or electronic funds withdrawal. To select a different account for the Vermont transaction, enter the financial institution information in the field. Complete all the
Routing transit number
, Depositor account number
, and Type of account (IF IRA, deposit only, where state allows)
fields.note
- 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.
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’ll need to support in future years so the return will indicate that an IAT was requested.