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How to enter Oklahoma PTE in ProConnect Tax

SOLVEDby Intuit1Updated 1 year 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 ProConnect Tax.

Table of contents:

Individual
Partnership
S-Corporation

Individual

  1. Go to to the Schedule K-1 screen for the related activity:
    • Income Passthrough K-1's Partnership Info (1065 K-1)
    • Income Passthrough K-1's S-Corp Info (1120S K-1)
  2. Select the Lines 1-10 tab from along the top of the workspace.
  3. Under the Part III section, enter the Oklahoma PTE amounts in 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.

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

Partnership

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

  1. From the Input Return tab, go to Miscellaneous Information OK Miscellaneous Information.
  2. Under the Electing Pass-Through Entity Tax section, mark the Electing PTE (586 previously filed) checkbox.
    • The PTE tax will show on line 2b of Form 514, page 1.

If the election is not previously on file:

  1. From the Input Return tab, go to Miscellaneous Information OK Miscellaneous Information.
  2. To indicate that you are making the election, under the Electing Pass-Through Entity Tax section, enter a 1 in the Form 586 Pass-Through Entity Election Form field.
    • The PTE tax will not calculate on this year's return, but the election will be filed for the following year.

In the event that the partnership receives a credit on a K-1:

  1. From the Input Return tab, go to Schedule K Passthrough K-1's.
  2. Select the Lines 1-10 tab from along the top of the workspace.
  3. Under the Income (Loss) section, enter the amount in the Oklahoma income (loss) distributed by an electing PTE {OK} field.

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

S-Corporation

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

  1. From the Input Return tab, go to Miscellaneous OK Miscellaneous.
  2. Under the Electing Pass-Through Entity Tax section, mark the Electing PTE (586 previously filed) checkbox.
    • The PTE tax will show on line 2b of Form 514, page 1.

If the election is not previously on file:

  1. From the Input Return tab, go to Miscellaneous OK Miscellaneous.
  2. To indicate that you are making the election, under the Electing Pass-Through Entity Tax section, enter a 1 in the Form 586 Pass-Through Entity Election Form field.
    • The PTE tax will not calculate on this year's return, but the election will be filed for the following year.

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

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