How do I generate Illinois IL PTE Income Worksheet in an 1120S return using CCH® ProSystem fx® Tax CCH Axcess™ Tax?
- Article Type:
- Problem Resolution
- Last Modified:
- 11/05/2022
Symptoms
Prepare the Illinois PTE Wkst in an S Corporation return.
Environment
- CCH Axcess™ Tax
- CCH® ProSystem fx® Tax
- 1120S
- S Corporation
- Interview View - IVF
- Worksheet View - WSV
Cause
N/A
Resolution
- Go to Illinois > General worksheet.
- Expand Section 1 - Basic Data.
- In Box 8 (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-1120-ST, 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 | 000178853/000138581 |
|---|---|
| Direct Link |
