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How to enter Virginia PTE in ProSeries

SOLVEDby Intuit3Updated 1 year ago

This article will help you report the Virginia 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:

Before you start:

  • ProSeries doesn't support electronic filing of the Rhode Island Forms RI-PTE
  • To determine if your client is eligible, the instruction booklets for Pass-through Entity Election.

To claim the credit on an individual return:

  1. Open the Virginia return.
  2. Open Schedule CR Pg 3-5.
    1. Press F6 to bring up Open Forms.
    2. Type CR3 to highlight Sch CR pg 3-5.
    3. Click OK to open the Schedule CR.
  3. Scroll down to Part 6 and enter the amount on Pass Through Entity Elective Tax Payment Credit line 6a.

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

To generate PTE for a partnership:

  1. Open the Virginia Partnership Information Worksheet.
  2. Scroll down to Part II - Tax Year Information
  3. Check either the Form 502, Pass-Through Entity Return of Income and Return of Nonresident Withholding Tax or Form 502 PTET, Pass-Through Entity Elective Income Tax Form box.
  4. Open the 502 PTET and check the box at the top for Check here to certify eligibility and election to pay Virginia income tax at the entity level for the taxable year. If this box is not checked, the election will be invalid.
  5. The tax will flow to the Schedule VK-1, Part III line 10 for each Partner and on the 502 PTET line 7

The Form 502PTEP Pass-Through Entity Elective Income Tax Form must be electronically filed. 

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

To generate PTE for an S corporation:

  1. Open the Virginia Pass-Through Entity Information Worksheet Information Worksheet.
  1. Scroll down to Part II - Tax Year Information
  2. Check either the Form 502, Pass-Through Entity Return of Income and Return of Nonresident Withholding Tax or Form 502 PTET, Pass-Through Entity Elective Income Tax Form box.
  3. Open the 502 PTET and check the box at the top for Check here to certify eligibility and election to pay Virginia income tax at the entity level for the taxable year. If this box is not checked, the election will be invalid.
  4. The tax will flow to the Schedule VK-1, Part III line 10 for each Shareholder and on the 502 PTET line 7

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

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