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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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VA PTET
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khargis
Level 1
04-16-2023
02:45 PM
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I am receiving a Critical Error on a 1065 re VAPTET. The error message is telling me to "check a box" somewhere on the VA MIsc screen in order to "Apply newest version of PTET" See below error
The Virginia Department of Taxation has released a new version of the Elective Pass-Through Entity Tax 2022 Form 502PTET Package that includes updated instructions for Form 502PTET page 2, line 1 "Owners' shares of taxable income". These instructions have been updated to include the pass-through deductions from the federal Schedule K in the line 1 amount. This return has one or more of those deductions on the federal Schedule K.If the return has already been filed, it should be amended for this update. If the return has not been filed yet, check the box for "Apply newest version of PTET instructions for owners' share of taxable income" in the Virginia Miscellaneous input screen. VA - Ref #58544
Where the heck is this?? Please help
Thanks
Kimball Hargis
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