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How to enter Georgia PTE in ProSeries

by Intuit Updated 5 days ago

This article will help you report the Georgia elective pass-through entity tax (sometimes called PTE, PTET, or SALT workaround) and the resulting credit in ProSeries.

Table of contents:

The election may only be made by a Partnership or S-Corporation that is 100 percent directly owned and controlled by “persons” eligible to be shareholders of an S-Corporation under § 1361 of the Internal Revenue Code of 1986, as amended. Single-member LLCs not taxed as a Partnership or S-Corporation are not eligible to make the election. “Persons” can include certain estates and grantor trusts.

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To claim the credit on an individual return:

  1. Open the Georgia return.
  2. Press F6 to bring up Open Forms.
  3. Type 1 and click Ok to open the Schedule 1.
  4. If the K-1 had Addition to share of entity's allocable loss scroll down to line 5. Under Other enter "PTEADD" with the corresponding amount.
  5. If the K-1 had "Addition to share of entity's allocable income" scroll down to line 12. On the Pass-Through Entity Electing To Pay Taxes At Entity level With Income smart worksheet enter the amount from the K-1.

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To generate PTE for a partnership:

  1. Open the Form 700, p1.
  2. Above line L check the box for Partnership elects to pay the tax at the entity level.
  3. This will now trigger the tax to calculate on Form 700 Schedule 1 line 6 and flow to each partners K-1 Equivalent on the Tax Paid by Entity below line 10.

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To generate PTE for an S corporation:

  1. Open the Form 600S, p1.
  2. Above line J check the box for S Corporation elects to pay the tax at the entity level.
  3. This will now trigger the tax to calculate on Form 600S Schedule 1 line 6 and flow to each shareholders K-1 Equivalent on the Tax Paid by Entity below line 6.

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