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Screen SCBank - South Carolina Direct Deposit, Electronic Funds Withdrawal (1040)
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Overview
Use this screen to complete direct deposit information for paper filing with the 2D barcode and direct deposit or electronic funds withdrawal information required by Form SC8453, Individual Income Tax Declaration for Electronic Filing.
note
Once an electronic return is transmitted, a direct deposit or electronic funds withdrawal request cannot be added, modified, or canceled. The routing transit number and account number should be verified annually.
Direct Deposit and Electronic Funds Withdrawal
Use this section to indicate the South Carolina option for direct deposit and electronic funds withdrawal (direct debit). Direct deposit is available when filing electronically or on paper. Electronic funds withdrawal for the return is available only when filing electronically.
Suppress direct deposit of refund
UltraTax CS automatically chooses direct deposit for the South Carolina return refund when financial institution information has been entered in the federal Bank screen. Enter
X
if you don't want to deposit the state refund directly in the client's account.note
You may select this option globally for all new and converted clients. To access this option, select
Setup
, 1040 Individual
, the South Carolina tab, and then New Client Options
.If not using direct deposit for refund, select alternative method of receiving refund
Choose an option from the dropdown to have the client's refund mailed to the client in the form of a prepaid debit card issued by Bank of America or a paper check if direct deposit is not used. If direct deposit isn't used and this field is left blank, the default option is to have a prepaid debit card mailed to the client. The option selected proformas to the next year for the client. A global option for marking this field for new clients is available by selecting the option to use in the
Method of refund, if not direct deposit
field under South Carolina's New Client Options. The New Client Options are accessed through Setup, 1040 Individual, South Carolina, then New Client Options.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 federal RAL 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.
Amount of withdrawal
Use this field to enter a withdrawal amount different from the balance due on the return. Do not use this field if the amount of the balance due is $15,000 or more. South Carolina Code of Laws Section 12-54-250(A)(1) states that a taxpayer owing $15,000 or more in connection with any return must pay in full using an electronic means of payment. Payment of the amount due using a partial direct debit does not satisfy the requirements of the law. The full amount of the balance due can be paid using the electronic funds withdrawal option available in UltraTax/1040-SC or by VISA, MasterCard, or electronic funds withdrawal through the MyDORWay system on the South Carolina Department of Revenue's website, https://dor.sc.gov. There are no fees associated with using the online payment system. An electronic file will not be created for a return with a balance due of $15,000 or more and a partial electronic withdrawal for the amount due.
Date of withdrawal
When filing on or before the original due date of the return, the requested date of withdrawal defaults to May 3, 2021. Use this field to provide a requested withdrawal date if different from May 3, 2021. South Carolina has an electronic filing incentive that allows taxpayers filing a balance due return electronically with the South Carolina Department of Revenue to pay the balance due by May 3, 2021 without incurring penalty and interest.
note
- 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 cannot initiate a funds transfer prior to the requested withdrawal date. The actual transfer of funds may occur on or after the requested date. Delays of several days are not uncommon.
Account Information
When filing the South Carolina return on paper with a 2D barcode or electronically, or filing Form FS-102, you may choose to use a different financial institution for direct deposit of the South Carolina refund (or electronic funds withdrawal of the South Carolina balance due for electronically filed returns or Form FS-102 only) than used for federal purposes. Information in these fields transfer automatically from the federal Bank screen but can be changed.
Routing transit number
, Depositor account number
, and Type of account
fields all must be completed. It's recommended that the routing transit number and account number be verified annually with the taxpayer.note
- Only non-IRA savings or checking accounts may be selected for direct deposit or automatic funds withdrawal.
- IRA account information is not transferred from the federal Bank screen. This is to prevent unintended IRA premature withdrawal penalties or excess contributions to an IRA.
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.