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How to enter Maryland PTE tax in Lacerte
by Intuit• Updated 3 months ago
This article will help you report the Maryland passthrough business alternative income tax (sometimes called PTE, PTET, or SALT workaround) and the resulting credit in Intuit Lacerte.
These returns are due on September 15, 2024. For tax year 2022 and prior see here.
For tax year 2023:
To claim the credit on an Individual return:
- Go to Screen 20, Passthrough K-1s.
- Select the Partnership or S-Corporation K-1 that reported a credit.
- Scroll down to the Maryland Pass-through Entity Member's Information section.
- Complete the relevant PTE fields under the Nonresident/Entity Election section.
- Go to Screen 53.271, Maryland Credits
- In the Maryland Credits section, enter PTE Tax paid on resident members' distributative/pro rata share of income
To generate the PTE for a Partnership:
- Go to Screen 37.271, Maryland Miscellaneous Information.
- Check the box PTE has made the irrevocable election for Tax Year 2023 to remit tax with respect to all member's shares to generate Form 511.
- For any partner-specific overrides, go to Screen 32.1, Partner Miscellaneous Info and complete the related fields under the Maryland Miscellaneous section.
- For additional inputs at the Maryland Schedule K level, go to Screen 38.271, Maryland Schedule K for the following:
- Distributive or pro rata share of income (Pass-through entity taxable income, if 511) [O]
- Non-Maryland income (separate accounting)
- Overpayment applied from 2020 (Form 511)
- Overpayment applied to next year (Form 511)
To generate the PTE for an S-Corporation:
- Go to Screen 42.271, Maryland Miscellaneous.
- Check the box PTE has made the irrevocable election for Tax Year 2023 to remit tax with respect to all member's shares to generate Form 511.
- Complete the following fields where relevant:
- Total distributive or pro rata share of income (Form 510 line 2) [O]
- Non-Maryland income (line 3a)
- For any shareholder-specific overrides, go to Screen 46.271, Maryland Shareholder Overrides and complete the related fields under the Nonresident Tax Withheld section.
To generate the PTE for a Fiduciary:
- Go to Screen 57.271, Maryland Other Credits.
- From the Sections list, select Tax paid by an electing PTE.
- Enter the Pro rata or distributable amount of PTE tax paid by electing PTE. This amount will flow to Form 504CR.
- Go to Screen 58.271, Maryland Taxes.
- Enter the Nonresident tax paid by pass-through entities (Ctrl+E).
- If needed, Trust amount of PTE [O] may be used to override the calculated amount of PTE withholding for the fiduciary.
For prior tax years:
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