Request an Electronic Fund Disbursement or Refund Service
- Complete the return as you would normally, including the electronic filing information in theELFscreen in the Electronic Filing folder.
- Set up the application to use bank products for 1040 electronic returns.
- Complete theRALscreen.note
- The information you enter here will transfer to the application form that prints with the electronic return.
- These fields won't be available unless you've set up UltraTax CS to use bank products for 1040 electronic returns.
- Select the bank product fromType of Electronic Refund Disbursement Service (ERDS).noteThis generates the Application for the Electronic Refund Account.
- Enter any fees in theRALscreen, including the tax preparation fee, that you want to deduct from the client's loan or refund.
- Select theDisbursement method:
- 1for disbursement via check.
- 2for direct deposit.
- 3for prepaid debit card.
- 4for pre-existing FasterMoney prepaid card.
noteIf you leave this blank, the disbursement method is designated as follows:- Toprepaid debit cardmethod whenPrepaid debit card envelope numberin theRALscreen contains data.
- Todirect depositmethod when the primary bank information is entered in the Part I - Direct Deposit/Electronic Funds Withdrawal Information section in theBankscreen.
- To thecheckmethod if neither of the previous conditions are met.
- If you're requesting a direct deposit, select theBanktab in the General folder and enter the taxpayer's primary bank information in the Part I - Direct Deposit/Electronic Funds Withdrawal Information section.noteYou'll need to complete all these fields. This transfers this information to the Bank Application electronic file and the Bank Application paper form. The direct deposit will be transmitted by Refund Advantage to the primary bank account you entered in the Bank screen.
- Enter photo identification information in the Identity Verification section of theRALscreen.
- Review all diagnostic messages to make sure that you've completed the required fields.
- Create the electronic file.noteThe electronic bank product application file is also created at this time.
- Transmit the electronic return through CS Connect.noteOn receipt of an accepted acknowledgment from the IRS, Thomson Reuters forwards information to Refund Advantage or EPS Financial. At this point, you should direct any questions about the bank product to Refund Advantage or EPS Financial.
