How do I prepare Minnesota Sch PTE in a 1065 and 1120S return using CCH® ProSystem fx® Tax and CCH Axcess™ Tax?

  • Article Type:
  • How To
  • Last Modified:
  • 11/05/2022

Objectives

Prepare and populate Minnesota Schedule PTE.

Environment

CCH® ProSystem fx® Tax
CCH Axcess™ Tax
1065
Partnership
1120S
S Corporation
MN
Minnesota
Passthrough entity tax

Procedure

  1. Go to Minnesota > PTE Information worksheet.
  2. In Line 1 (Interview Form MN17, box 40)- Prepare MN PTE Form, select the checkbox.
  3. Calculate the return.

Notes

  • Schedule PTE, page 2 lists the partners included in the PTE calculation and a calculation of their share of taxes paid calculated on Sch PTE page 1, line 23.
  • Minnesota > PTE Information worksheet, Grid 4 - Partner Information, column Partner share of income(Interview Form MN17, boxes 54-108), is a decimal input (input range 0.0 - 1.0), which controls the Sch PTE, page 2, column Share of Income. Column Share of taxes is calculated based on the Share of income column percentage against Sch PTE page 1, line 23.

Additional Information

N/A

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