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TENNESSEE DEPRECIATION AND 179 LIMITATION SHEET

ginger
Level 1

How do I get the  depreciable assets on the federal return transferred to the Tennessee Franchise/Excise return and print a Tennessee deprecation report?  The 179 limitation sheets "help" says this information will automatically fill from the federal return, but my 179 worksheet is blank

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6 Replies 6
PATAX
Level 11

Ginger, I am not sure about Tennessee, but Pennsylvania there is not a separate Pennsylvania depreciation schedule even though there are federal/ Pennsylvania depreciation differences sometimes, ie Pennsylvania does not have the same section 179 expense deduction maximum that Federal does, etc.. maybe something similar exists with  Tennessee ... Just my opinion

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dd4vols
Level 9

Is the Federal Return a  Corporatiion/S Corporation?  if so...go to the asset entry worksheet, and scroll about halfway down and make sure TN is showing up in the State Depreciation blank.

if it's a  single member LLC..Schedule C, it's really a moot point, because there is no state income tax on 'profits' , except it might impact the net fixed assets in the Franchise Tax calculation.  If it's a single member LLC schedule F,,,ProSeries doesn't support that for us... only for the more important states of Cal and Tex.

If you used the Fixed Asset Manager, and then imported, make sure you selected "state' as one of your choices on depreciation calculations.

Tennessee has decoupled from all the Federal bonus depreciation codes, but does conform totally with Sec 179.

If these don't help.... then get used to that wonderful 'on hold' jam at Intuit.

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ginger
Level 1

This is a Single Member LLC filed on a Schedule E

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dd4vols
Level 9

ProSeries does not support a link from Schedule E to the Tennessee F&E return. I would be very interested in how you think you got it linked. I live in Tennessee, and there has never been that link in all the years ive been ProSeries-ing.

Like I said earlier, only llinks from Schedule C, and for Schedule F (in Cali and Texas only). when I have a single member LLC Farm, i have to go to the Tenn Dept of Rev website and file it online with their software,

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ginger
Level 1

ProSeries has 2 options: Proseries and Proseries Basic-

Proseries offers the F&E tax return

 

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dd4vols
Level 9

We have the F&E return.... I do about 75 of them a year, all linked from the Professional program.  I'm just saying, you can't link a single member schedule E to the Tenn F&E.  geesh..........

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