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How to enter Iowa PTE in ProSeries
by Intuit• Updated 3 weeks ago
This article will help you report the Iowa elective pass-through entity tax (sometimes called PTE, PTET, or SALT workaround) and the resulting credit in ProSeries.
Table of contents:
‣ To claim the credit on the 1040 return: |
‣ To generate PTE on a 1065: |
‣ To generate PTE on a 1120S: |
‣ To generate PTE on a 1041. |
What's new for tax year 2022?
- The IA PTE-C Iowa Composite Return is new for tax years beginning on or after January 1, 2022.
- Iowa Code section 422.16B imposes composite return filing and tax remittance obligations on entities taxed as partnerships, S corporations, estates, or trusts for tax years beginning on or after January 1, 2022.
- For additional information, see the department's guidance.
To claim the credit on an individual return:
- Open the Iowa state return.
- Press F6 to bring up Open Forms.
- Type 148 TP and click OK for taxpayer copy or 148 SP and click OK for spouse copy of the Form IA 148.
- Scroll down to Part IV - Pass-Through Entity Information from Schedule K-1.
- Enter the information from the K-1 received.
To generate the PTE for a partnership:
The IA PTE-C and IA 96-048 Voucher (PTE-C) generate automatically when there is a nonresident partner, and as long as a Nonresident Composite tax exempt code on Form IA PTC-C is not selected on the Schedule K-1 Worksheet.
If the IA 1065 is not being e-filed but the company needs to e-file the IA PTE-C only:
- Open the Iowa Partnership Information Worksheet.
- Scroll down to Part VII - Electronic Filing Information.
- Check the box for "File Form IA PTE-C stand alone return, electronically".
To generate PTE for an S corporation:
The IA PTE-C and IA 96-048 Voucher (PTE-C) generate automatically when there is a nonresident shareholder, and as long as a Nonresident Composite tax exempt code on Form IA PTC-C is not selected on the Schedule K-1 Worksheet.
If the IA 1120S is not being e-filed but the company needs to e-file the IA PTE-C only:
- Open the Iowa S Corporation Information Worksheet.
- Scroll down to Part VI - Electronic Filing Information.
- Check the box for "File Form IA PTE-C stand alone return, electronically".
To generate PTE for an Fiduciary:
- Open the Iowa Fiduciary Return.
- Open the IA PTE-C, p3.
- Manually enter the beneficiary information including the Iowa-Source Income from Iowa K-1.
- Open the IA PTE-C p1.
- Above line 1 enter the Total number of members, Number of Iowa resident members, Number of Iowa nonresident members, and Number of Iowa nonresident members included on this PTE-C.
If the IA 1041 is not being e-filed but the company needs to e-file the IA PTE-C only:
- Open the Iowa Fiduciary Information Worksheet.
- Scroll down to Part V - Electronic Filing Information.
- Check the box for "File Form IA PTE-C stand alone return, electronically".
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