Question
Is there a way to override the OK 511CR and 512-S to take the entire tax credit available? Lacerte is bugged and only allowing 84%. Paper file inbound, I guess
Client has a valid PTE election in place on an S-Corp. Client has established credits far exceeding the amount of Electing Pass-Through Entity Tax, but Lacerte is arbitrarily limiting credits to 84.2% of tax due on all S-Corp clients with Oklahoma state tax credits and a PTE in place. There are no statutory restrictions on the particular credit with respect to total tax or taxable income. The program is also placing the entirety of the credits on the Oklahoma SH Summary as if passing them to the shareholders, despite using some of them on the 512-S.
