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IL PTE credit for S-Corp partners
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Connecto1
Level 2
02-23-2022
04:21 PM
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We've got an IL Partnership owned 1% by an s-corp. The partnership elected to pay the PTE tax, so there is a small PTE credit included on the K-1-P for the s-corp owner.
Now, when doing the S-corp's IL return I see the formset "Sch K-1-P Rec'd" which appears like it's where I would enter the PTE credit. However the input on line 53a does not go anywhere. Perhaps a glitch? Anyone else have this situation yet?
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