To deduct preparation fees from your client’s refund, you can use Bank Products and select 3Fund as the return type. Here’s a step-by-step guide to complete the 3Fund page:
Step-by-Step Instructions
Select Bank Products
To deduct prep fees from your client’s refund, select Bank Products as the return type and choose the corresponding bank. For this example, select 3Fund.
Navigate to the 3F App Page
Go to 3F App Pg 1.
Note: If the page doesn’t automatically populate, deselect Bank Products and 3Fund, then reselect them until the 3F App page appears.
Complete the 3F App Page
Answer the questions on this page. Generally, the answer to the first question will be No.
Choose Disbursement Method
Select the method for your client’s refund disbursement:
RT = Mailed check
RTDD = Direct deposit
Generally, select RTDD for direct deposit.
Enter Banking Information
Input the taxpayer’s banking details for direct deposit. Ensure accuracy to avoid delays.
Set Alert Preferences
Determine your client’s alert preferences:
Generally, select No to avoid the bank soliciting your clients.
If your client wants notifications, you can opt them in for text or email alerts.
Confirm Identity Verification
Confirm the taxpayer’s identity verification method:
Generally, select Copy of a Previous Year Return as the verification method.
Enter ID Information
Input the taxpayer and spouse’s ID details, if applicable.
Note: Bank products will not allow filing with an expired ID, even though the IRS permits it.
Additional Resources
For a visual step-by-step tutorial, check it out here: 3Fund Page in Bank Products Tutorial.
Following these steps ensures accurate setup for the 3Fund page. Double-check all entries, especially banking information, to avoid issues with refund disbursement. If you experience difficulties, refer to the tutorial linked above or contact support.