How to enter Oklahoma PTE in Lacerte

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

1. Go to Screen 20, Passthrough K-1's.
2. 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.

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Partnership

To activate the PTE calculation for entities that already have an election on file:

1. Go to Screen 37.041 Oklahoma Miscellaneous Information.
2. Check the Electing PTE (586 previously filed) box.
3. The PTE tax will show on Form 514 p1 line 2b.

If the election is not previously on file:

1. Go to Screen 37.041 Oklahoma Miscellaneous Information.
2. In the Form 586 Pass-Through Entity Election Form enter a 1 for making election.
3. 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.

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S-Corporation

To activate the PTE calculation for entities that already have an election on file:

1. Go to Screen 42.041 Oklahoma Miscellaneous.
2. Check the Electing PTE (586 previously filed) box.
3. The PTE tax will show on Form 514 p1 line 2b.

If the election is not previously on file:

1. Go to Screen 42.041 Oklahoma Miscellaneous.
2. In the Form 586 Pass-Through Entity Election Form enter a 1 for making election.
3. The PTE tax will not calculate on this years return but the election will be filed for the following year.

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