1040 - US ELF: Custom paragraph added to warn of rejected refund

Alerts and notices

The Joint Tax Refunds (FI) custom paragraph notifies married filing joint clients that a direct deposit of a joint tax refund may be rejected by the financial institution if both names are not on the account, resulting in a delay of the refund. A new field has been added to Screen Bank, located under the General folder, to indicate if both names are on the accounts.

Some financial institutions will deny the direct deposit of a joint tax refund into an individual account. When this occurs, a paper check will be issued, which may cause delays of up to ten weeks. The field highlighted below, is used for client document purposes only, and works in conjunction with Custom paragraph 65 Joint tax refunds (FI). The paragraph will print in the filing instructions when any of the fields for any of the accounts is left blank. Enter X to indicate that the account contains both the taxpayer and spouse names.