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Screen TNLLC250 - Tennessee Single Member LLC - Interest and Dividends (1040)

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Overview

The LLC Form INC 250 calculates when interest or dividends are identified as belonging to the LLC in TNGen Screen in the
Interest income
 and
Ordinary dividend income
 statement dialogs.

General

Print Form 250 when not required
UltraTax CS automatically prints the Limited Liability Company's Form INC 250 return when the taxable interest and dividend income is greater than the exemption amount or there is a refund due. Interest, dividends, and withholdings allocated to the LLC unit in TNGen Screen are included in the LLC's Form INC 250 and excluded from the taxpayer's Form INC 250. Enter
X
 to print the LLC's Form INC 250 when the form is not required to be filed.
4-Digit location code / ... / City
UltraTax CS defaults to the county and city entered in TNGen Screen when these fields are blank.
Other income
Descriptions and amounts entered in this field transfer to Schedule A of the LLC version of Form 250. Distributions of cash or property from pass-through entities are transferred to this statement dialog when the LLC account number is entered in the federal K1 Screen,
State use code
 field.
Amount if Different Force
 fields are available to adjust amounts as needed. Additional line items may be added as needed.

Amended

Explanation for amended return / ... / Interest
Enter previously filed amount paid as a positive amount or refunded as a negative amount. This information is used to print the proper filing instructions and mark the Amended Return field on Form 170, Page 1. Per state instruction, the payments and refunds from the originally filed return are included as payments in the amended Form 250 return. Interest and penalties due on an amended return are not automatically calculated. Enter any amounts to be included on the amended Form 250.

Interest and Penalties

Date return filed
If the date entered in this field is later than the return due date, UltraTax CS automatically calculates the failure to file penalty and the interest on the underpayment. If you leave this field blank, it defaults to the due date (original or extended) of the return.

Extension and Payments

Calculate extension
Enter
X
 to calculate Form INC 251, Application for Extension of Time to File. To print the extension, choose File and then Print Extensions. UltraTax CS also enters the applicable due date in the
Extended due date
 field.
Extended due date
If an extension is printed by choosing File and then Print Extensions, or an entry is made in the
Calculate extension
 field, the extended due date automatically appears in this field. Otherwise, enter the date that is to be used as the extended due date in the filing instructions and late interest and penalty calculations.
Extension payment actually made; reportable on main return
Each time you print the extension (via the File and then Print Extensions), UltraTax CS:
  • calculates the extension payment amount and enters it in this field, and
  • prints this amount on the main return, not on the extension.
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current-year extension in this field. UltraTax CS then displays the new amount in black.
note
  • To delete the overruled amount and restore the original calculated amount, right-click the field and choose Delete overrule.
  • To confirm the accuracy of the overruled amount, right-click the field and choose Acknowledge overruled data. UltraTax CS then disables the acknowledge functionality from the right-click menu. To restore the original amount later, you will need to enter it manually.
  • If desired, you can set a user preference to mark fields for which you overruled the calculated amounts and to list all overruled amounts in the Diagnostics window.
Balance due on extension (Force)
When an amount is entered in this field, UltraTax CS calculates the amounts of the total tax using the estimated payments and withholding entered, enters
X
 in the
Calculate extension
 field, completes the
Extended due date
 field, and transfers the amount to the
Extension payment actually made; reportable on main return
 field.
Suppress printing of Form 251 extension
Enter
X
 to suppress Form 251 from printing for this LLC when the extensions are printed using the Extension utility.
Additional payment
Enter the payment amount and the date of the payment. The amount paid is included as a payment on the return. When the date paid is after the original due date, the amount is not included as a payment in the calculation of an extension. The payment reduces the balance due for late interest and penalty calculations as of the date paid.
Payments (Force)
UltraTax CS automatically includes all withholdings from interest and dividend income identified as belonging to the LLC in TNGen Screen. Use this field to enter a different amount to include on Form INC 250, Page 1.

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