ProConnect HelpIntuit HelpIntuit

How to enter New Mexico PTE in ProConnect Tax

SOLVEDby IntuitUpdated April 05, 2023

What's new for tax year 2022?

  • Pass-through entities doing business in the state must file a New Mexico Information Return for Pass-Through Entities (Form PTE).
    • This requirement includes entities registered to do business in the state, transacting business in, into or from the state, or receiving any income from property or employment within the state, and includes any partnership, joint venture, common trust fund, limited association, pool or working agreement, limited liability company or any other combination of persons or interests required to file a federal partnership return.

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

Table of contents:

Individual
Partnership
S-Corporation
Fiduciary

Individual

  1. From the Input Return tab, go to State & Local Modifications NM Modifications.
  2. Under the New Mexico Subtractions section, enter the amount in the Exemption for net income subject to the entity level tax field.
    • This amount flows to PIT-ADJ, line 25.

Back to Table of ContentsPCG_ASSET_spacer_11px.png

Partnership

Residents

The RPD-41367 and Ptr. Summary generate automatically for resident partners, and flows to line 12 of RPD-41367.

Nonresidents

From the Input Return tab, go to Partner Information and under the New Mexico Information section, check the Entity Level Tax box. This will generate the RPD-41337 and Ptr. Summary.

Back to Table of ContentsPCG_ASSET_spacer_11px.png

S-Corporation

From the Input Return tab, go to Shareholder Information and under the New Mexico Information section, check the Entity Level Tax box. This will generate the RPD-41367 and populate line 12 of Schedule A, page 2.

Back to Table of ContentsPCG_ASSET_spacer_11px.png

Fiduciary

From the Input Return tab, go to Beneficiary/Grantor Information and under the New Mexico Information section, check the Entity Level Tax box. This will flow the beneficiary's share to line 12 of FID-D, page 2.

Back to Table of ContentsPCG_ASSET_spacer_11px.png

Was this helpful?

You must sign in to vote, reply, or post
ProConnect Tax

Sign in for the best experience

Ask questions, get answers, and join our large community of Intuit Accountants users.

Dynamic AdsDynamic Ads