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How to enter Connecticut PTE in ProConnect Tax

by Intuit•2• Updated 1 month ago

Down below we'll go over how to enter PTE for Connecticut on Individual, Partnership, and S Corporate returns in ProConnect Tax.

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:

‣ Individual
‣ Partnership
‣ S Corporation
‣ Common questions for tax year 2024
   ↳ What happens if Estimated Tax Payments were made in tax year 2023?
   ↳ How will extensions work for tax year 2024?
‣ For tax year 2023 and prior:

Individual

  1. Go to Input Return ⮕ Income ⮕ Passthrough K-1's and select either the Partnership Info or S Corp Info.
  2. Select the State & Local tab.
  3. Scroll down to Connecticut Information.
  4. Enter the amount in the Pass-through entity credit field.

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Partnership

Form CT-1065/CT-1120SI

Starting in tax year 2024 every passthrough entity that does business in Connecticut or has income derived from or connected with sources within Connecticut must file Form CT-1065/CT-1120SI regardless of the amount of it's income (loss). ProConnect Tax will generate this form automatically.

If you elect to file the CT-PET:

Starting in tax year 2024 the CT-PET is only applicable if you elect to file it. To generate the CT-PET:

  1. Go to Input Return ⮕ State & Local ⮕ Other Forms, then CT Pass-Through (CT-PET).
  2. Check the box for Filing CT-PET.
  3. Use the additional entries on this screen to generate CT-PET Extensions and any late payment/filing penalty.
  4. Form CT-PET may require estimated tax payments. To setup estimated tax payments: Go to Input Return ⮕ State & Local ⮕ Estimates and select CT Estimates.

For Partnership returns, the pass-through entity tax calculation will show on the CT-PET page 2 line 2.

Each Partners share of the tax will show on the CT K-1 Page 2, Part 3 - Connecticut PE Tax Credit Information.

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

S Corporation

Form CT-1065/CT-1120SI

Starting in tax year 2024 every passthrough entity that does business in Connecticut or has income derived from or connected with sources within Connecticut must file Form CT-1065/CT-1120SI regardless of the amount of it's income (loss). ProConnect Tax will generate this form automatically.

If you elect to file the CT-PET:

Starting in tax year 2024 the CT-PET is only applicable if you elect to file it. To generate the CT-PET:

  1. Go to Input Return ⮕ State & Local ⮕ Other Forms ⮕ CT Pass-Through Entity Tax Return (CT-PET).
  2. Check the box for Filing CT-PET.
  3. Use the additional entries on this screen to generate CT-PET Extensions and any late payment/filing penalty.
  4. Form CT-PET may require estimated tax payments. To setup estimated tax payments: From Input Return ⮕ Payments, Penalties & Extensions ⮕ Estimated Tax using the State column.

For S corporation returns, the pass-through entity tax calculation will show on the CT-PET page 2 line 2.

Each Shareholder's share of the tax will show on the CT K-1 Page 2, Part 3 - Connecticut PE Tax Credit Information.

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

Common questions for tax year 2024

What happens if Estimated Tax Payments were made in tax year 2023?

Last year, estimated payments were required to be filed with Form CT-1065/CT-1120SI however, this year, estimates are only required for the CT-PET. 

  • For Form CT-1065/CT-1120SI filers:
    • The composite return no longer requires estimates, nor is the underpayment penalty applicable to the form. 
    • If you made estimated payments last year, and will not be filing the CT-PET form this year, the estimated payments will apply to the composite return.
  • For CT-PET filers: The underpayment penalty does still apply to the CT-PET.
    • If they are filing the CT-PET, the program will apply any estimates first to the tax due with the CT-PET. 
    • If an overpayment exists, the user can choose to apply that overpayment to the next year's CT-PET taxes, to this year's composite return, or get a refund. 
    • The codes for these choices are in the estimates input section, where the estimates made last year are entered.

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

How will extensions work for tax year 2024?

  • The CT-1065/CT-1120SI and CT-PET each have their own extension form.
  • CT did provide an additional month for calendar year filers for TY24. See the announcement here.

To view information for tax year 2023 and prior see click on the below section:

Individual

  1. Go to Input Return ⮕ Income ⮕ Passthrough K-1's and select either the Partnership Info or S Corp Info.
  2. Select the State & Local tab.
  3. Scroll down to Connecticut Information.
  4. Enter the amount in the Pass-through entity credit field.

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

Partnership

For Partnership returns, the pass-through entity tax calculation is automatically applied and will show on the CT-1065/CT-1120SI page 2 line 2.

Each Partners share of the tax will show on the CT K-1 Page 2, Part 3 - Connecticut PE Tax Credit Information.

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

S Corporation

For S corporation returns, the pass-through entity tax calculation is automatically applied and will show on the CT-1065/CT-1120SI page 2 line 2.

Each Shareholder's share of the tax will show on the CT K-1 Page 2, Part 3 - Connecticut PE Tax Credit Information.

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

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