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How to enter Oklahoma PTE in Lacerte
by Intuit• Updated 6 months ago
Down below we'll go over how to report the Oklahoma elective pass-through entity tax (sometimes called PTE, PTET, or SALT workaround) and the resulting credit in Lacerte.
Table of contents:
Individual
- Go to Screen 20, Passthrough K-1's.
- In Part III enter the Oklahoma PTE amounts on the Oklahoma income(loss) distributed by an electing PTE{OK} field.
- Enter the amount as a negative to show the adjustment as an Oklahoma Addition on 511-NR-A line 6 or 511-B line 7.
- Enter the amount as a positive to show the adjustment as an Oklahoma Subtraction on 511-NR-B line 15 or 511-A line 14.
Partnership
To activate the PTE calculation for entities that already have an election on file:
- Go to Screen 37.041 Oklahoma Miscellaneous Information.
- Check the Electing PTE (586 previously filed) box.
- The PTE tax will show on Form 514 p1 line 2b.
If the election is not previously on file:
- Go to Screen 37.041 Oklahoma Miscellaneous Information.
- In the Form 586 Pass-Through Entity Election Form enter a 1 for making election.
- The PTE tax will not calculate on this years return but the election will be filed for the following year.
In the event that the partnership receives a credit on a K-1, go to the Screen 23, Passthrough K-1's, and under Income (Loss) enter the amount on Oklahoma income(loss distributed by an electing PTE {OK} field.
S-Corporation
To activate the PTE calculation for entities that already have an election on file:
- Go to Screen 42.041 Oklahoma Miscellaneous.
- Check the Electing PTE (586 previously filed) box.
- The PTE tax will show on Form 514 p1 line 2b.
If the election is not previously on file:
- Go to Screen 42.041 Oklahoma Miscellaneous.
- In the Form 586 Pass-Through Entity Election Form enter a 1 for making election.
- The PTE tax will not calculate on this years return but the election will be filed for the following year.