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1041 States

Enter a pass-through entity tax (PTET) credit for a 1041 return

State-specific entry

Alabama
Go to the ALPay screen in the Payments folder. The amounts entered in
Composite /Electing Pass-through Entity payments
 will report on Schedule CP-B.
Arizona
Go to the AZPay screen in the Payments Folder. The
Credit for entity-level income tax
 field reports on 141 line 19 Credit for Entity-Level Income Tax.
Arkansas
If the form is provided, complete the 1099PT form in the non-calculating screen. Then complete the AR1099PT screen in the AR Electronic Filing folder for electronic filing.
California
Enter the PTET credit on the CA K1-2 screen in the
Pass-through entity elective tax credit
 field.
  • The amounts will be reported on Form 3804-CR or the beneficiaries' CA form K-1 based on income distributions.
  • To specify a portion to distribute to the beneficiary, select
    View
    ,
    Beneficiary information
    , then the
    Federal
     tab. Enter the percentage of the credit to distribute to the beneficiary in the
    Credits / estate tax
     field.
It's not required to enter a percentage in the
Credits / estate tax
 field for the PTET to transfer to the beneficiary on their K-1. A simple trust, for example, automatically distributes the PTET on the CA K1-2 screen to the beneficiary. With the same data entry, a complex trust takes the amount on the K1-2 screen to the 3804-CR form, and the trust would take the credit instead of the beneficiary.
Connecticut
Go to the CTK1Cr or CTK1TCr screen in the Payments folder. The
Pass-through entity tax credits
 field reports on Schedule CT-PE.
Hawaii
TBD
Iowa
Go to the IAK1 screen in the IA Income & Adjustments folder. The
PTET credit received
 field reports on Schedule CC, Part II.
Idaho
Refer to the
Tax paid by affected business entity
 field on the IDPay screen in the Payments folder.
Illinois
The
Pass-through entity tax credit
 field on Line 53a of the ILK1-3 screen reports on Schedule D.
Indiana
Go to the INPay screen in the Payments folder. The
Pass-through entity tax (PTET) credit
 on the Pay screen in the Payments folder reports on Forms K-1, Composite, and Composite-COR.
Kentucky
Go to the KYPay screen in the Payments folder. The
Pass-through entity tax credit from Form PTET-CR
 field reports on Form 741, line 20(c) and/or Schedule K-1, line 12(b).
Louisiana
Go to the LAGen screen in the General folder. The
Pass Through Entity Loss
 and
Pass Through Entity Exclusion
 fields report on Form IT-541 P7, line 4 or line 5D.
Maryland
Go to the MDPay screen in the Payments folder. The
Nonresident tax paid by pass-through entities on behalf of estate/trust
 field reports on Form 504, line 29, and/or Schedule K-1, line 5.
Massachusetts
Make the election on the
MAELT
 screen in the ELT folder.
Form 63D-ELT and 63D-EXT are separate returns from the MA return. You can e-file them for the current, plus 2 prior tax years. Use the screens in the ELT folder to enter e-filing and payment information.
Michigan
Go to the MIPay screen in the Payments folder. The
Credit for allocated share of tax paid by an electing flow-through entity
 field reports on Form 1041, page 1, line 19.
Minnesota
Go to the MNPay screen in the Payments folder. The
Pass-through entity (PTE) credit
 field reports on Schedule K-1, page 2, line 39.
Mississippi
Go to the MSPay screen in the Payments folder. The
Tax credit for income tax paid by PTE
 reports on Form 80-161, Form 81-110, line 8, and/or Schedule K-1, Part V.
Montana
Go to the MTPay screen in the Payments folder. The
Montana pass-through entity tax
 reports on Form 1041, page 2.
Nebraska
TBD
New Jersey
Go to the NJK1 screen in the K1 1065, 1120S folder, and the NJK1T screen in the K1 1041 folder. The
Pass-through business alternative income tax credit
 field reports on Form NJ-1041, lines 36a/36b, Form NJ-1041 Schedule B, Column D, and Schedule NJK-1 Part II for most returns, and Part III for grantor type returns.
New Mexico
Go to the NMGen tab and mark the
Elect entity level tax
 checkbox.
New York
Go to the NYPay screen in the Payments folder. The
Pass-through entity tax (PTET) credit
 field reports on Form IT-653, Schedule A, and Form IT-205, line 33 as a refundable credit. It's not transferred to the beneficiary unless it's a grantor type trust on the grantor report in additional information.
North Carolina
Go to the NCGen screen in the General folder. Refer to the
Taxed pass-through entity loss
 and
Taxed pass-through entity income fields
.
Rhode Island
Make the election on the
RIPTE
 screen in the PTE folder.
You can e-file Form RI-PTE. It's a separate return from the RI return.
Ohio
Use the statement on the OHCr screen to enter FEINs. The amounts report on K1, page 2, transfer to K-1, page 1, lines 3, 3a, and 3b.
Utah
Go to the UTPay screen in the Payments Folder. The pass-through entity amounts entered will report on Form TC-41A, TC-41N.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1041 Fiduciary
  • State: Alabama,Arizona,Arkansas,California,Connecticut,Hawaii,Idaho,Illinois,Indiana,Iowa,Kentucky,Louisiana,Maryland,Massachusetts,Michigan,Minnesota,Mississippi,Montana,Nebraska,New Jersey,New Mexico,New York,North Carolina,Ohio,Rhode Island,Utah

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