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Electronic funds withdrawal (EFW)

If you would like to set up automatic payments for your fiduciary clients, you must electronically file their return. An automatic debit from your client’s bank account can occur for the following types of fiduciary returns: Form 1041, amended Form 1041, Form 7004 (extension), or Form 1041-ES (estimated tax payments filed with Form 1041).
important
  • Estimated tax payments on an extension are not eligible for EFW.
  • Before you transmit the file to the IRS, you can change your EFW information by modifying your data entry, and then re-creating the e-file. If you have already transmitted the return, you can't change the EFW information, per the IRS. You can cancel a payment with the IRS.
  • If the return is accepted, the IRS is responsible for withdrawing the payment according to the information included in the e-file. If the return is rejected, the EFW won't take place.
Once you have prepared your client's return and are ready to set up the automatic payments and electronically file, complete the following steps.
  1. Open the
    1041
     Screen in the
    General
     folder and enter the fiduciary's phone number in the
    Telephone number
    field.
  2. Select the
    Bank
     tab and enter the bank account information.
    note
    EFW is not allowed if you mark the
    Non-US financial institution
     field.
  3. Open the ELF Screen or ELFExt Screen (extension) in the Electronic Filing folder and indicate the date to have the amount debited from the bank account or one or more quarters for the estimated tax payments to be electronically withdrawn in the proper
    Electronic funds withdrawal
     fields.
    note
    You can't choose a date for estimated tax payments to be withdrawn; the dates are determined by the IRS for each quarter.
    To confirm that your EFW request is present in the filing instructions, go to
    Print
    , then
    Preview
    , and select
    Filing Instructions
     or
    Estimate Filing Instructions
    .
  4. Prepare the 1041 electronic file.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1041 Fiduciary
  • Subject: Payments

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