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How to enter Iowa PTE in Lacerte

SOLVEDby Intuit18Updated March 28, 2023

What's new for tax year 2022?

  • The IA PTE-C Iowa Composite Return is new for tax years beginning on or after January 1, 2022.
  • Iowa Code section 422.16B imposes composite return filing and tax remittance obligations on entities taxed as partnerships, S corporations, estates, or trusts for tax years beginning on or after January 1, 2022.
  • For additional information, see the department's guidance.

Down below we'll go over how to enter PTE for Iowa on Individual, Partnership, S Corporate and Fiduciary returns in Lacerte.

Table of contents:

Individual
Partnership
S-Corporation
Fiduciary

Individual

  1. Go to Screen 20, Passthrough K-1's.
  2. Under Iowa Credits Schedule CC, enter the amount from IA Schedule K-1, Part III in the Amount of credit received from PTE field.
    • This amount will flow to the IA Schedule CC.

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Partnership

The IA PTE-C and IA Voucher (PTE-C) generate automatically when there is a nonresident partner, and as long as Exclude from Composite Return is not checked.

  • The Exclude from Composite Return checkbox is located under the Iowa Information section of the Partner Information screen.

Additional information may be needed on Screen 43.341, IA PTE-C - Composite Return.

Should you need to make overrides to voucher information, go to Screen 42.341, IA Estimates Iowa 2023 Composite Estimated Tax.

In the event that the partnership receives a credit on a K-1, go to the Screen 23, Passthrough K-1's, and under Iowa Credits Schedule CC, enter the amount in the Amount of credit received from PTE field.

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S-Corporation

The IA PTE-C and IA Voucher (PTE-C) generate automatically when there is a nonresident shareholder, and as long as Exclude from Composite Return is not checked.

  • The Exclude from Composite Return checkbox is located under the Iowa Information section of the Shareholder Information screen.

Additional information may be needed on Screen 49.341, IA PTE-C - Composite Return.

Should you need to make overrides to voucher information, go to Screen 10, Estimates Iowa 2023 Composite Estimated Tax.

In the event that the S-corporation receives a credit on a K-1, go to the Screen 24, Passthrough K-1's, and under Iowa Credits Schedule CC, enter the amount in the Amount of credit received from PTE field.

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Fiduciary

The IA PTE-C and IA Voucher (PTE-C) generate automatically when there is a nonresident beneficiary, and as long as Exclude from Composite Return is not checked.

  • The Exclude from Composite Return checkbox is located under the Iowa Information section of Screen 6, Beneficiary/Grantor Information.

Additional information may be needed on Screen 60.341, IA PTE-C - Composite Return.

Should you need to make overrides to voucher information, go to Screen 12, Estimates (1041ES) Iowa 2023 Composite Estimated Tax.

In the event that the estate or trust receives a credit on a K-1, go to the Passthrough K-1's screen, and under Iowa Credits Schedule CC, enter the amount in the Amount of credit received from PTE field.

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