PTET

Forum|Forum|4 years ago
January 21, 2022
1 reply
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For Lacerte 2021 ,In partnership (1065) and (1120-S), where are we going to put the payment for

PTET ( Passthrough Entity Tax ), to be specific what screen in Lacerte.

Lacerte Tax

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George4Tacks

Level 15

That is dependent upon the state and tax type. Be more specific.

No method is to use Ctrl + F to start a search for Pass-through

Answers are easy. Questions are hard!

M

MuhammadKAuthor

Level 2

The State is New York State, PTET is the optional tax that will be paid by electing Partnership and S-corps. I would like to know where the data for that would be inputted in Lacerte and where can we see the worksheet for that in Lacerte.

George4Tacks

Level 15

I don't do NY, but I did find https://www.tax.ny.gov/bus/ptet/ that says you can do the election online. I can not find a specific input in Lacerte that you might need, but Lacerte may not have it in the software yet.

Per the NYS instructions for the IT-204 "Item Q If you opted to pay the PTET for the tax year, mark an X in the Yes box here; if you did not opt to pay the PTET for the tax year, mark an X in the No box here." If you look at Lacerte IT-204 you will see that this does not match up. You will also see many ! marks that tells it is not yet ready for prime time.

Answers are easy. Questions are hard!

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