How do I generate a Illinois IL PTE Income Worksheet in a 1065 return in CCH® ProSystem fx® Tax and CCH Axcess™ Tax?
- Article Type:
- How To
- Last Modified:
- 02/05/2024
Objectives
Learn how to populate Illinois Form IL-1065, Step 8, Line 60 - "Pass-through entity income" in a partnership return using worksheet view or interview forms.
Environment
- CCH ProSystem fx Tax
- CCH Axcess Tax
- 1065
- Worksheet
- Interview
- Illinois
Procedure
PTE Generation in the 2023 Software has changed to one location for all states. To make this election use Federal > Common State/City > State PTE Generation - Select the state or states that are needing to be generated.
- Go to Illinois > General worksheet.
- Expand Section 1 - Basic Data.
- In Line 16 (Interview Form IL2, box 129) - Mark if electing to file and pay pass-through entity tax, select the checkbox.
- Calculate the return.
Notes
- Illinois PTE Wkst is prepared to calculate PTE Income which flows to IL-1065, page 3, line 60.
- Illinois Schedule K-1-P, line 53a - Pass-through Entity Tax Credit, can be specially allocated using state allocation code 15214.
- Illinois Schedule B, page 2, column K - Passthrough entity tax amount, can be specially allocated using state allocation code 15215.
Additional Information
- 2021 Passthrough entity tax (PTET) topics for 1065 and 1120S returns using CCH Axcess™ Tax and CCH® ProSystem fx® Tax.
- Information from IL DOR: What is the Pass-through Entity (PTE) tax? - Questions and Answers (illinois.gov)
- What is pass-through entity income? - Questions and Answers (illinois.gov)
- Pass-through Entity Information (Publication 129) - Tax Publications (illinois.gov)
| Solution Id | 000172646/How-do-I-generate-a-Illinois-IL-PTE-Income-Worksheet-in-a-1065-return-in-CCH-ProSystem-fx-Tax-and-CCH-Axcess-Tax |
|---|---|
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