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Screen MIBank - Michigan Direct Deposit, Electronic Funds Withdrawal (1040)

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Overview

Use this screen to enter direct deposit information for the tax return. Direct deposit is available when filing electronically or on paper. The taxing agency does not support electronic funds withdrawal for extensions.

Direct Deposit, Electronic Funds Withdrawal

Use this section to indicate the Michigan option for direct deposit. Form MI-1040, Page 2 shows details of the requested deposit.
Suppress direct deposit of refund
UltraTax CS automatically chooses direct deposit for the Michigan return refund when account information is entered. Enter
X
 if you do not want to deposit the state refund directly into the client's account.
Use Refund Advantage / EPS Financial for refund deposit
Use this field to have the client's refund, less applicable fees, deposited with Refund Advantage / EPS Financial. This field is available only when filing electronically and a bank product is selected in federal RAL Screen.
Enable electronic funds withdrawal for a balance due
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
If filing on or before the original due date, the date of withdrawal defaults to the original due date. Use this field to request an earlier withdrawal date. If filing after the original due date, the transmission date of the electronically filed return must be used. The taxing agency will initiate a withdrawal request when the return has completed processing.
The actual transfer of funds may occur on or after the requested date. Delays of several days are not uncommon.
Amount of withdrawal
Use this field to enter a withdrawal amount different from the balance due on the return. The Michigan Department of Treasury does permit an amount greater than the balance due on Form MI-1040 to be requested in the electronic file. If the amount entered exceeds the total due on Form MI-1040, the Treasury will check to see if any other tax years have balances outstanding. If none exist, the state will issue a refund.

Account Information

The primary account information entered in federal Bank Screen transfers automatically. A different account may be entered for the Michigan return. It is recommended that the routing transit number and account number be verified annually with the taxpayer.
To prevent unintended IRA excess contributions, account information does not transfer from federal Bank Screen for an IRA. If a deposit to an IRA is intended, enter that account information in this screen.
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 will not be used. The routing transit number must be nine digits with the first two digits within the range of 01-12 or 21-32.
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 will not be used. The account number may include digits and letters. Omit spaces, hyphens, and other special characters.
Type of account (If IRA, deposit only, where state allows)
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 will not be used. Select the type of account from the drop-down list.
An IRA account type cannot be selected for electronic funds withdrawal.
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 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.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1040 Individual
  • State: Michigan

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