Triva isn't available right now.
Check out the support page for our phone number and hours
Legal
Recommended products
-
CoCounsel
Move faster and accomplish more with a professional-grade, generative AI assistant that transforms the way you work. Thomson Reuters CoCounsel is with you every step of the way, backed by authoritative content and industry-leading expertise.
-
Westlaw
Conduct legal research efficiently and confidently using trusted content, proprietary editorial enhancements, and advanced technology.
-
Practical Law
Accelerate how you find answers with powerful generative AI capabilities and the expertise of 650+ attorney editors. With Practical Law, access thousands of expertly maintained how-to guides, templates, checklists, and more across all major practice areas.
Questions? We are here to help
Tax & Accounting
-
Top products for corporations
-
Top products for accounting firms
Recommended products
-
CoCounsel Tax, Audit, Accounting
Move faster and accomplish more with a professional-grade, generative AI assistant that transforms the way you work. Thomson Reuters CoCounsel is with you every step of the way, backed by authoritative content and industry-leading expertise.
-
UltraTax CS
Provides a full line of federal, state, and local programs. Save time with tax planning, preparation, and compliance.
-
1040SCAN
Automate work paper preparation and eliminate data entry
Questions? We are here to help
Trade & Supply
Recommended products
-
Foreign Trade Zone Management
Software that keeps supply chain data in one central location. Optimize operations, connect with external partners, create reports and keep inventory accurate.
-
Indirect Tax
Automate sales and use tax, GST, and VAT compliance. Consolidate multiple country-specific spreadsheets into a single, customizable solution and improve tax filing and return accuracy.
Questions? We are here to help
Risk & Fraud
Recommended products
-
CLEAR
Search volumes of data with intuitive navigation and simple filtering parameters. Prevent, detect, and investigate crime.
-
Fraud Detect
Identify patterns of potentially fraudulent behavior with actionable analytics and protect resources and program integrity.
-
ID Risk Analytics
Analyze data to detect, prevent, and mitigate fraud. Focus investigation resources on the highest risks and protect programs by reducing improper payments.
Questions? We are here to help
News & Media
Recommended products
-
Reuters Connect
Around the globe, with unmatched speed and scale, Reuters Connect gives you the power to serve your audiences in a whole new way.
-
Reuters Plus - Content Studio
Reuters Plus, the commercial content studio at the heart of Reuters, builds campaign content that helps you to connect with your audiences in meaningful and hyper-targeted ways.
-
Reuters.com Platform
Reuters.com provides readers with a rich, immersive multimedia experience when accessing the latest fast-moving global news and in-depth reporting.
Questions? We are here to help
Books
Recommended products
-
What's new in legal products
Shop our latest titles
-
Shop tax customer favorites
ProView Quickfinder favorite libraries
Questions? We are here to help
Developers
-
APIs by industry
-
Related sites
-
United States Support
-
International support
-
New releases
-
Join a TR community
-
Free trials & demos
Screen Bank - Direct Deposit and Electronic Funds Withdrawal (1120)
Overview
Use this screen to enter information for the direct deposit of the return refund or the electronic payment of the balance due when filing electronically. This information proformas from year to year.
note
- Direct Deposit is only available for C or S Corp.
- Due to issues related to submitting an erroneous account or routing transit number, we strongly recommend that you confirm all proforma’d bank information with the client every year. To print the Bank Account Verification, mark thePrint Bank Account Verificationcheckbox in Setup, then 1120 Corporation, Other Return Options, Other tab.
Account Information
Use this section if you want to deposit the refund from this return directly into the corporation's bank account and file Form 8050. This information is also used to complete the Electronic Funds Withdrawal Information section, which must be completed if you are electronically filing and want to use electronic funds withdrawal to pay a balance due on the return or to electronically file estimates.
note
- If you do not want to generate the electronic file payment or electronically file estimates, you do not have to remove the account information in this section. The electronic file payment is only generated when theElectronic funds withdrawal for balance due returns: Requested payment dateorElectronic funds withdrawal for Form 1120-W estimated paymentsfields in the ELF screen contains data.
- A custom paragraph may be selected to include instructions on how to revoke an electronic funds withdrawal payment in the transmittal letter. To select this custom paragraph on a return basis, go to the Letter tab, located in the General folder, and selectElec Funds Withdrawal (TL)in theCustom paragraphfield. To select this custom paragraph to print for all returns subsequently added to the program when applicable, choose Setup, then 1120 Corporation, select either the Transmittal Letter or Filing Instructions button, select the Custom Paragraphs tab, and then mark theElec Funds Withdrawal (TL)checkbox. For additional information, refer to the Custom paragraph FAQs.
Non-US financial institution
Enter
X
if the funds for an automatic payment withdrawal come from an account outside the United States, or if the direct deposit refund goes to an account outside the United States. Critical diagnostics print if this field is marked, the corporation is filing electronically and is paying the balance due using electronic funds withdrawal, estimates are being filed electronically with the return, or if there is a refund that will be deposited directly to the bank account.According to the Form 1120-F instructions, entities that do not bank in the United States that need to make a payment cannot pay using EFW or EFTPS. Also, Form 8050 instructions state the corporation is not eligible to request a direct deposit if the receiving financial institution is a foreign bank or a foreign branch of a U.S. bank.
Certain states do not allow direct deposit or debit for their returns when the transaction involves an International Automated Clearing House Transaction (IAT). IAT rules are maintained by the National Automatic Clearing House Association.