TN Form 8926 2017-2025

TN Form 8926: What You Should Know

This rule does not extend to any income or profits that are subject to more than one state or local income tax. — This rule applies only to income. It does not apply to profits of any kind, including investment income. If you have any profits or income, and are subject to more than one state or local income tax, you must file a return including Form 8926 for each such state or locality and pay one state income tax. However, if you have no federal income tax liability, but your state or local tax does not impose a tax or a tax on your profits, as a disregarded entity or a partner in trade, you would not have to pay any state or local income tax. Directions for State Income Tax on the Current Year Interest: Tennessee Schedule 5D, Part III If your state has a gross receipts tax, or you're an employer, you must pay Tennessee income tax on your state gross receipts and the related profits of the same entity. See your state's income tax returns forms section for more information. If you are a partner in a partnership in which a state tax is imposed, and you own or control 5% or more of the partnership's gross receipts, you (a) may elect to collect state income tax if the partnership is subject to a state tax; (b) may elect to deduct the cost of collecting state tax; and (c) may elect to allocate business expenses and income from this business separately. See Schedule 9, Profit from Partnership (Partnership Income), to complete your state income tax returns. ▷ Go to the State Tax Forms & Schedules webpage for current state tax schedule, state income tax rates and other information from your state of residence. ▷ Visit your state of residence for schedule 5D (Forms). ▷ Click Schedule 5D, “Sales of Business, Profits, etc.” for your schedule. Click on the state on your schedule that has a state sales tax. ▷ In the column labeled “State Income Tax Deductions and Exemptions,” enter: (1) the sales price; and (2) any state income tax deduction permitted by your state's law.

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