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Level 3
April 12, 2021
Question

Fiduciary Return refund options

  • April 12, 2021
  • 1 reply
  • 4 views

Is it possible to have a refund on a Form 1041 direct deposited?  I cannot find any option in the Lacerte program.

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1 reply

BobKamman
Level 15
April 12, 2021

Are you detecting some IRS schizophrenia there? 

"Direct deposit is the only way to go!"  

"Oh, by the way, we won't allow it for some returns."

I think the problem they have is making sure the funds get into the right account.  Banks may not feel comfortable matching names.  Also, trust companies would be asking for hundreds of payments to go to the same account, and IRS won't allow more than three.