tn.gov How to Pay Hall Income Tax : Tennessee Department of Revenue

Name of the Organization : Tennessee Department of Revenue
Type of Facility : How to Pay Hall Income Tax
State : Tennessee
Country : United States of America

Website : https://www.tn.gov/
Tax Form : https://www.statusin.org/uploads/24174-tax%20form.pdf

Tennessee Hall Income Tax

** The Hall income tax is imposed only on individuals and other entities receiving interest from bonds and notes and dividends from stock.

Related : Tennessee Department of Revenue How to Claim for Refund : www.statusin.org/24177.html

** It was enacted in 1929 and was originally called the Hall income tax for the senator who sponsored the legislation.

Due Date and Tax Rate :
Due Date :
** Your Hall income tax return is due on the 15th day of the fourth month following the end of your fiscal year.
** For example, if your fiscal year ends on December 31, then your return is due on April 15.

Tax Rate :
** The rate for this tax is 6% of taxable income.

File and Pay :
** All Hall income tax returns prepared using a software vendor certified by the Department of Revenue must be filed and paid electronically.
** You can find a list of all approved software vendors in our E-file and Pay section under the Hall Income Tax link.
** Entities with an FEIN may file and pay electronically using a software vendor, but are not required to do so.

** A list of certified software vendors for FEIN entities may be found in the E-file and Pay section of our website.
** All entities also may file and pay electronically through the Department’s website.
** If the individual taxpayer does not use a certified software vendor or if the taxpayer has an FEIN, the taxpayer may file a paper return.
** Paper returns may be accessed under the Forms link on the left.

Hall Income Tax Online Filing :
** Effective January 1, 2014 all Hall income tax returns prepared using one of the approved software vendors must be filed and paid electronically.
** Effective January 1, 2015, entities with federal EINs (FEINs), such as estates, trusts, partnerships and LLCs may also file and pay electronically.

Our Hall income tax filing portal can be used to quickly and easily complete the following:
** File a Hall income tax return (INC 250)
** Make an estimated tax payment
** Make a payment for an e-filed annual tax return
** Request an extension for filing taxes

Exemptions and Deductions :
General Exemption :
** This tax does not apply to the first $1,250 of income reported on each individual return or the first $2,500 of joint income reported on a jointly filed return.

Age 65 or Older with Limited Income :
** Any person 65 years of age or older having a total annual income below specific limits is completely exempt from the tax.

** Total annual income means income from any and all sources, including social security.
** All income should be included, regardless of whether it is taxable for federal purposes.
** The income also should not be adjusted for any losses.

Total annual income limits are as follows :

Age 100 or Older :
** For tax years beginning January 1, 2018 and after, individuals 100 years of age or older, or any person who files a joint return and either spouse is 100 years of age or older, are exempt from the tax.

Legal Blindness :
Single Filers :
** A legally blind person is exempt from the Hall income tax.
** He or she does not need to file a tax return.
** Single filers should send the Department a written statement from their physician that certifies their blindness.
** The doctor’s statement should only be submitted once. It is not an annual requirement.