One of the options for receiving a refund of the overpayment on Form 1120 is direct deposit. In TaxSlayer Pro, if the return is being filed electronically you can enter the corporation's bank account information in the e-file menu. If the return is being filed in paper form, however, you can enter the direct deposit account information on Form 8050.
To enter the corporation's bank information for direct deposit of the tax return overpayment, from the Main menu of the tax return (Form 1120) select:
- Tax and Payments
- Direct Deposit Information (Form 8050) - Answer YES to the question confirming you want to complete this form. (Note that after answering YES, you must enter bank account information. You won't be able to go back to the previous menu without doing so.) Indicate whether the account is a checking or savings account, then enter the routing and account numbers.
Note: If the Form 8050 menu doesn't open upon selecting it, remove the return from electronic filing.
Additional Information: