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How to enter Oklahoma PTE in ProSeries
by Intuit• Updated 4 months ago
This article will help you report the Oklahoma 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 claim the credit on a 1041 return: |
To claim the credit on an individual return:
For resident returns:
- Open the Oklahoma state return.
- Press F6 to bring up Open Forms.
- Type AI and click OK to open the Form Schedules A-I for Form 511.
- Scroll down to Oklahoma Subtractions.
- Complete the Electing PTE Information table below line 14.
For nonresident returns:
- Open the Oklahoma state return.
- Press F6 to bring up Open Forms.
- Type Sc and click OK to open the Schedules A-H for Form 511NR.
- Scroll down to Oklahoma Additions.
- Complete the Electing PTE Information table below line 6.
To generate the PTE for a partnership:
- Open the Oklahoma Partnership Information Worksheet
- Check the box indicating your election status:
- If you've already filed the election check the This taxpayer is an electing pass-through entity box to activate the PTE calculations on the return.
- If you need to file the election check the Form 586 Electing being made with this return. If this box is checked PTE will not calculate on the return.
- The PTE tax will show on Form 514 p1 line 2b.
- The Net Oklahoma Distributive Income (Loss) will show on the K-1 above line 1.
If the partnership is a member of another PTE:
- Open the Oklahoma Partnership Information Worksheet
- Under Part II - Tax Year Information check the Entity is a member of an electing PTE box.
- QuickZoom to the Electing PTE statement.
- Complete the statement by entering any amounts of the Federal and Oklahoma Income/Loss that should be excluded from the PTE calculations.
To generate PTE for an S corporation:
- Open the Oklahoma S Corporation Information Worksheet
- Under Part II - Tax Year Information check the Entity is a member of an electing PTE box.
- Check the box indicating your election status:
- If you've already filed the election check the This taxpayer is an electing pass-through entity box to activate the PTE calculations on the return.
- If you need to file the election check the Form 586 Electing being made with this return. If this box is checked PTE will not calculate on the return.
- QuickZoom to the Electing PTE statement.
- Complete the statement by entering any amounts of the Federal and Oklahoma Income/Loss that should be excluded from the PTE calculations.
- The PTE tax will show on Form 512-S p1 line 2b.
- The Net Oklahoma Distributive Income (Loss) will show on the K-1 above line 1.
If the S-Corporation is a member of another PTE:
- Open the Oklahoma S Corporation Information Worksheet
- Under Part II - Tax Year Information check the Entity is a member of an electing PTE box.
- QuickZoom to the Electing PTE statement.
- Complete the statement by entering any amounts of the Federal and Oklahoma Income/Loss that should be excluded from the PTE calculations.
To claim the credit on a 1041 return:
If the partnership is a member of another PTE:
- Open the Oklahoma Fiduciary Information Worksheet
- Under Part II - Tax Year Information check the Entity is a member of an electing PTE box.
- QuickZoom to the Electing PTE statement.
- Complete the statement by entering any amounts of the Federal and Oklahoma Income/Loss that should be excluded from the PTE calculations.