Does anyone know how to get the new Illinois PTE tax credit to actually flow through to the IL-1040? I found a place where I can override it. There's a spot for it in the state/local K-1 entry, but it doesn't flow through to the IL-1040. Any insight is much appreciated.
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The Illinois Pass-Through Entity (PTE) tax credit can be a bit tricky to handle in tax preparation software, as not all software programs handle the flow of this credit correctly from the K-1 to the IL-1040. I had a lot state PTET and all of the software does not support as they are retro and need a lot coders overtime.
You can, however, amend and update the entity K-1 and then amend your 1040 tax return to flow though that credit.
Here’s a general approach to ensuring that the PTE tax credit flows through correctly:
https://tax.illinois.gov/content/dam/soi/en/web/tax/research/publications/pubs/documents/pub-129.pdf
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