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Screen TNLLCExt - Tennessee Single Member LLC - Extension and Payments (1040)

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Overview

Use this screen to complete Form FAE 170, Page 1 and to prepare an extension of the time to file.

Extension

Calculate extension
To calculate the extension, Form FAE 173, enter a code from the drop-down list or press F4 to view the list of available options. To print the extension, choose File and then Print Extensions. UltraTax CS also enters the applicable due date in the
Extended due date
 field. UltraTax CS automatically enters
X
 if an amount is entered in the
Balance due on extension (Force)
 field.
Extended due date
When an extension is printed by choosing File and then Print Extensions to print an extension, or an entry is made in the
Calculated extension
 field, the extension due date automatically appears in this field. Otherwise, a date may be manually entered in this field. When this field is completed and the
Date return filed
 field is blank, UltraTax CS uses the date in this field to calculate penalties and interest. The extended due date also is reflected in the filing instructions.
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 uses this amount on the extension, marks the
Calculate extension
 field, completes the
Extended due date
 field, and displays the amount in the
Extension payment actually made; reportable on main return
 field.
Suppress printing of Form 173 extension
Enter
X
 to suppress the Form 173 extension from calculating and printing for this LLC when extensions are printed through 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 excluded 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

2024
 overpayment applied to
2025
Enter any prior-year overpayment applied to
2025
 in this field. UltraTax CS transfers the amount entered to Form FAE 170, Schedule E and treats it as a first-quarter payment for purposes of calculating the underpayment of estimates penalty. Do not include this amount again in the
1st payment
 field.
Total estimates paid, or: / 1st-5th payments
Enter the total of all estimates made for the tax year in the
Total estimates paid, or
 field. UltraTax CS transfers this amount to Form FAE 170, Schedule E and applies it equally to all quarters for purposes of calculating the underpayment of estimates penalty. To override the way UltraTax CS applies the total, enter actual amounts of estimated tax for the
1st payment
 through
5th payment
 fields. When amounts exist in any of the individual payment fields, UltraTax CS ignores the value in the
Total estimates paid, or
 field for purposes of calculating Form FAE 170, Schedule E and the underpayment of estimates penalty.
The first four fields in the
Date Paid
 column default to the respective quarters' due dates and the fifth payment date defaults to the fourth-quarter date. If the payments were not made on the estimate due dates, enter the actual dates of payment in the fields provided.

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