IN COMPOSITE

Related products:ProSeries

Forum|Forum|3 years ago
March 21, 2023
3 replies
3 views

Resident shareholder is not showing up on the composite schedule for Indiana return for an 1120S. The non resident earnings are calculated. a recent ruling by the state of IN allows state income tax to be calculated and deducted on the federal return for residents and non residents.

the resident earnings are not calculating on the composite return and have to be to get the deduction.

the preliminary instructions for the calculation were issued on March 9 and the year 2022 is included in the ruling. Comprehensive instructions are being drafted and will be provided as soon as they are finished per the preliminary instructions

I would like to see the change on the software updated ASAP.

I am open to a workaround

This topic has been closed for replies.

sjrcpa

Level 15

Are you completing the correct form?

In most states, the Pass Through Entity tax is a different form than the Composite Nonresident Return. As indicated, composite returns are for nonresident partners/shareholders.

But, I am not familiar with IN. Just about 27 other states.

The more I know the more I don’t know.

N

npc933Author

Level 2

The ruling that allows this deduction in IN is new as of March. I believe the final instructions have not been released and Proseries has not made the change. the preliminary instructions say the PTE tax will be reported on the the entity's composite schedule.

I was hoping for a workaround, but it appears i will have to wait on the software revision.

thank you for your input.

S

ShandaB

Level 2

Here is a link to IN detailed instructions for filling out the composite schedule...

https://www.in.gov/dor/files/ptet-instructions.pdf

I am just overriding the values for now.

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