Utah PTET (for partnership) - Where do I enter the PTET payment?

Forum|Forum|3 years ago
January 24, 2023
2 replies
18 views

My client made a payment before 12/31/22. I entered the payment on screen 37 "Total taxes paid by paid by PTE", but it is not flowing through to reduce the tax liability on Form TC-65. Is this a software glitch, or am I missing something?

Thank you in advance.

Lacerte Tax

This topic has been closed for replies.

Best answer by CCB

Sorry, I did end up finding it on the 1065 return. It's in screen 32.1 at the bottom. They have override boxes where you can override the amount on each person's K-1. It looks like if you override it for one person, you have to override it for everyone and put the -1 in if it was zero paid on their behalf.

O

Old timer tax preparer

Level 2

I am also looking to see how to allocate the PTE among the partners or shareholders. Is this available yet?

C

CCB

Level 3

It's on one of the more recent releases. They didn't use the box you were referring to and instead created a new area in the S Corps under screen 42 where you have to check the box and then enter the amount paid.

In Partnerships it's under screen 37 and you have to check the box that you made the election to pay tax by PTE for all qualifying partners and then enter the taxes paid by the PTE.

O

Old timer tax preparer

Level 2

Thank you. I have found that area to enter the total. I am looking for an area to allocate it to the partners. I know it will follow the income percentages as default, I was hoping to allocate it per my calculations in December.

C

CCB

Level 3

Yes, sorry. I was responding to the original poster. I don't think they have programmed that in. I haven't seen it anywhere. I would directly ask them because I am not sure they have thought of that in the programming. The expense is allocable by partner percentages, but the payments don't have to be made by percentages. I agree that it is missing.

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