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How to enter Mississippi PTE in ProConnect Tax

SOLVEDby IntuitUpdated 1 year ago

Down below we'll go over how to report the Mississippi elective pass-through entity tax (sometimes called PTE, PTET, or SALT workaround) and the resulting credit in ProConnect Tax.

Mississippi legislature has recently implemented changes to Electing Pass Through Entity credits effective for Tax Year 2022. Due to these changes, edits will be made to some forms as well as e-file schemas for Individual, Business, and Fiduciary filings. Due to the timing, these changes will not be implemented in Lacerte until after the April 18th filing due date. Anyone wanting to take advantage of these changes will need to file an extension, or review any previously filed returns for amendment. See here to subscribe for updates on the change.

Table of contents:

Individual
Partnership
S-Corporation

Individual

  1. From the Input Return tab, go to Income Passthrough K-1's and select the business activity type:
    • Partnership Info (1065 K-1)
    • S-Corp Info (1120S K-1)
  1. From along the top of workspace, select Lines 11-20.
  2. Under the Line 15 - Credits and Withholding section, complete the Mississippi Pass-Through Entity (PTE) Credits fields.
  3. Review the Form 80-161.

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

Partnership

  1. From the Input Return tab, go to State & Local Miscellaneous Information MS Miscellaneous Information.
  2. Enter a 2 in the Electing pass-through entity taxable income field.
  3. If an election is not already on file, complete the Form 84-381 Pass-Through Entity Election Form section.
  4. Review the Form 84-105.

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

S-Corporation

  1. From the Input Return tab, go to State & Local Miscellaneous MS Miscellaneous.
  2. Enter a 2 in the Electing pass-through entity taxable income field.
  3. If an election is not already on file, complete the Form 84-381 Pass-Through Entity Election Form section.
  4. Review the Form 84-105.

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

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