Intuit HelpIntuit

How to enter Georgia PTE in Lacerte

by Intuit•6• Updated 4 months ago

Which pass-through entities are eligible to make the election to pay tax at the entity level?

The election may only be made by a Partnership or S-Corporation that is 100 percent directly owned and controlled by “persons” eligible to be shareholders of an S-Corporation under § 1361 of the Internal Revenue Code of 1986, as amended. Single-member LLCs not taxed as a Partnership or S-Corporation are not eligible to make the election. “Persons” can include certain estates and grantor trusts.

‣ Individual
‣ Partnership
‣ S-Corporation

To claim the credit on an Individual return

Go to Screen 51.201, Georgia Miscellaneous.
In the section that matches the type of modification you'd like to make, enter the amount in the following field:
- Georgia Additions: PTE Owners: Addition to share of entity's allocable loss.
  - Flows to Sch 1, Additions to Income - Line 5.
- Georgia Subtractions: PTE Owners: Addition to share of entity's allocable income.
  - Flows to Sch 1, Subtractions to Income - Line 12.

To generate the PTE for a Partnership

Go to Screen 37.201, Elect to pay at entity level.
Under the Georgia Miscellaneous section, check the box for Elect to pay at entity level.
- This will generate PV CORP with the tax paid. Partners will see this on page 2 of the Ptr. Summary, including instructions on how to report it as a subtraction on their Individual GA return.

To generate the PTE for a S-Corporation

Go to Screen 42.201, Elect to pay at entity level.
Under the Georgia Miscellaneous section, check the box for Elect to pay at entity level.
- This will generate PV CORP with the tax paid. Shareholders will see this on page 2 of the S/H Summary, including instructions on how to report it as a subtraction on their Individual GA return.

Lacerte Tax