Using UltraTax/1040 for Refund Advantage products

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To request an Electronic Refund Disbursement Service (DS) or Refund Advance (ADV) through Refund Advantage within UltraTax CS, follow the steps below.

  1. Complete the return as you would normally, including all applicable electronic filing information in Screen ELF in the Electronic Filing folder.
  2. Set up UltraTax CS to use Refund Advantage for 1040 electronic returns.
  3. In Screen RAL, complete all pertinent information. UltraTax CS transfers the information from Screen RAL to the application form that prints with the electronic return.

    Note: The fields in Screen RAL will not be available unless you have set up UltraTax CS to use Refund Advantage for 1040 electronic returns as described in the previous step.

  4. Select the desired bank product from the Type of Refund Advantage Electronic Refund Disbursement Service (ERDS) field in Screen RAL to generate the Application for Electronic Refund Account. Be sure to enter any fees in Screen RAL, including the tax preparation fee, that you would like deducted from the client's loan or refund.
  5. In the Disbursement method field in Screen RAL, enter 1 for disbursement via check, 2 for direct deposit, 3 for prepaid debit card, or 4 for pre-existing FasterMoney prepaid card.

    If you leave this field blank, the disbursement method is designated as follows:

    • The disbursement method defaults to the prepaid debit card method when the Prepaid debit card envelope number field in Screen RAL contains data.
    • The disbursement method defaults to the direct deposit method when the primary bank information has been entered in the Part I - Direct Deposit/Electronic Funds Withdrawal Information section in Screen Bank.
    • The disbursement method defaults to the check method if neither of the above conditions are met.
  6. If you are requesting a direct deposit, click the Bank tab in the General folder. In Screen Bank, enter the taxpayer's primary bank information in the Part I - Direct Deposit/Electronic Funds Withdrawal Information section. You must complete all of these fields. UltraTax CS 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 Screen Bank.
  7. Enter photo identification information in the Identity Verification section of Screen RAL.
  8. Review all diagnostic messages to make sure that you have completed all required fields.
  9. Create the electronic file. The electronic bank product application file is also created at this time.
  10. Transmit the electronic return through CS Connect. Upon receipt of an accepted acknowledgment from the IRS, Thomson Reuters forwards the pertinent information to Refund Advantage. At this point, any questions concerning the bank product should be directed to Refund Advantage.

Related topic: Entering data for 1040 electronic returns overview

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