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Screens

Screen TNGen - Tennessee Franchise Return (1065)

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Federal-to-state input screen and asset module data transfer

If information is transferred from federal input screens or from the asset module to a state input screen, the application displays the transferred data in blue, for example: .
If necessary, you can overrule the transferred amount by entering the appropriate amount in the field. The application then displays the new amount in black.
note
  • When you overrule a transferred amount, the application does not overwrite that amount with subsequent federal-to-state or asset module data transfers.
  • To delete the overruled amount and restore the original transferred amount, right-click the field and choose Delete overrule or simply enter the original amount in the field.
  • To confirm the accuracy of the overruled amount, right-click the field and choose Acknowledge overruled data. The application 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 transferred amounts and to list all overruled amounts in the Diagnostics window.

Statements

Many data entry fields provide predefined statements in which you can enter additional information. For additional information, see Statements overview.

Accessing frequently asked questions

To view answers to common questions about calculations and data entry issues, see Frequently Asked Questions under the Help menu, then Additional Resources.

Special allocations

Select the Ptr Alloc button next to the appropriate field to specially allocate items to partners using ratios that are different from the profit / loss ratios. For details, see Entering special allocations (1065).
Amounts that are specially allocated for federal purposes need to be specially allocated for state purposes, unless you have selected the option to default state partner allocations to federal allocated amounts. When this option is selected, only those state allocations that correspond to a specific federal allocation will default. To select this option, enter
X
 in the
Default state partner special allocations to the corresponding federal special allocation
field on the federal CltOptns screens.
To mark the
Default state partner special allocations to the corresponding federal special allocation
field one time for all new clients, go to
Setup
 and select
1065 Partnership
. On the Tennessee tab, select
New Client Options
 and mark the
Default state partner allocations to federal allocated amounts (Screen CltOptns)
 field in the Return Presentation tab.

Statement special allocations

You may allocate statement items separately to partners directly in the statements. The statement items are printed separately for each partner on an item-by-item basis.

Apportionment

Apportionment information is entered in one place for all states attached to the return. To enter apportionment information for all states, choose View, then Apportionment. For details, see Entering 1065 apportionment data for state returns.

General Information

Amended return
If the federal return is amended or superseded and this field is blank, the Tennessee Franchise and Excise Tax return, TN Partner’s Franchise Excise Tax Information Worksheet, Tennessee Franchise and Excise Financial Institution Tax Return, and TN Partner’s Franchise Excise Financial Institution Tax Information Worksheet (if applicable) is also marked as amended. If the federal return is not amended but you wish to amend the Tennessee Franchise and Excise Tax return or the Tennessee Franchise Financial Institution Tax Return (if applicable), enter
1
. If you do not wish to amend the Tennessee Franchise and Excise Tax or Tennessee Franchise and Excise Tax Return when amending the federal return, enter
2
 and the Tennessee Franchise and Excise Tax Return or Tennessee Franchise and Excise Financial Institution Tax Return (if applicable) will not be marked as amended.
Final return
If the federal return is final and this field is blank, the Tennessee Franchise and Excise Tax return, Tennessee K-1 Worksheet, Tennessee Franchise and Excise Financial Institution Tax Return, and TN Partner’s Franchise Excise Financial Institution Tax Information Worksheet (if applicable) are marked as final. If the federal return is not final, but you wish to mark the Tennessee Franchise and Excise Tax Return or the Tennessee Franchise and Excise Financial Institution Tax Return ( if applicable) as final, enter
1
. If you do not wish to mark the Tennessee Franchise and Excise Tax return or Tennessee Franchise and Excise Financial Institution Tax Return (if applicable) as final when the federal return is final, enter
2
.
Short year proration
Select the reason for short year proration from the fieldview. If a selection is made and a tax year beginning date is entered on the federal 1065 screen or the date operations began field below has a date that indicates a reporting period of less than twelve months, UltraTax CS will prorate the franchise tax.
Date operations began
Enter the date operations began in Tennessee. If this field is blank, UltraTax CS assumes this is the same as the date business started on the federal return.
Inactive in Tennessee
Enter
X
 to indicate the LLC / partnership is not active in the current year. Form FAE 170 or Form FAE 174 prints only Page 1 including the minimum franchise tax and payments made.
Taxpayer’s signature gives preparer power of attorney
Use this field to change the option indicated in federal Screen 1065. Enter
1
 for Yes or
2
 for No or choose the answer from the fieldview. The application marks this checkbox on Form FAE 170 or Form FAE 174.
Title of person signing return
Enter the title of the person signing the return. This information is used in the preparer block on Form FAE 170, Page 1, or Form FAE 174, Page 1.
General footnote
Access the statement and enter any miscellaneous information that needs to be conveyed with the return. The general footnote appears as a separate item in each collation.

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