
How to enter South Carolina PTE in ProSeries
by Intuit•1• Updated about 17 hours ago
This article will help you report the elective pass-through entity tax (sometimes called PTE, PTET, PET, or SALT workaround) and the resulting credit.
For more PTE resources, check out our dedicated Tax topics page where you'll find a list of all PTE states and the respective content for each.
Table of contents:
To claim the credit on an individual return:
- Open the South Carolina state return.
- On the South Carolina Information Worksheet scroll down to Part IV - Other Information.
- Check the Use South Carolina I-335 checkbox.
- Open the Form I-355B
- Press F6 to bring up Open Forms.
- Type 355B and press OK to open the I-355B.
- Enter the information received from the I-435.
- Go to the I-355.
- On line 6 enter the Amounts taxed at the entity level from Sc K-1.
- Review the calculation on Form I-335. Any amounts taxed at the entity level will reduce the taxes paid, and any remaining tax will show on the SC1040 Page 2, line 8.
To generate the PTE for a partnership:
- Open the South Carolina return.
- Open the Form SC1065.
- Check the box at the top for Check for Active Trade or Business Election.
- Go to Form I-435.
- In Column C enter any amounts attributed to Active trade or business amounts.
To generate PTE for an S corporation:
- Open the South Carolina return.
- Open the Form SC1120S.
- Check the box at the top for Check for Active Trade or Business Election.
- Go to Form I-435.
- In Column C enter any amounts attributed to Active trade or business amounts.