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How to enter South Carolina PTE in ProSeries

by Intuit1 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:

  1. Open the South Carolina state return.
  2. On the South Carolina Information Worksheet scroll down to Part IV - Other Information.
  3. Check the Use South Carolina I-335 checkbox.
  4. Open the Form I-355B
    • Press F6 to bring up Open Forms.
    • Type 355B and press OK to open the I-355B.
  5. Enter the information received from the I-435.
  6. Go to the I-355.
  7. On line 6 enter the Amounts taxed at the entity level from Sc K-1.
  8. 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.

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To generate the PTE for a partnership:

  1. Open the South Carolina return.
  2. Open the Form SC1065.
  3. Check the box at the top for Check for Active Trade or Business Election.
  4. Go to Form I-435.
  5. In Column C enter any amounts attributed to Active trade or business amounts.

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To generate PTE for an S corporation:

  1. Open the South Carolina return.
  2. Open the Form SC1120S.
  3. Check the box at the top for Check for Active Trade or Business Election.
  4. Go to Form I-435.
  5. In Column C enter any amounts attributed to Active trade or business amounts.

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