How do I elect a Georgia Form 700 partnership to pay pass through tax at the entity level with a 1065 return using CCH® ProSystem fx® Tax and CCH Axcess™ Tax?
- Article Type:
- How To
- Last Modified:
- 07/14/2023
Objectives
Prepare Georgia partnership return passthrough entity tax PTET calculation.
Environment
- CCH® ProSystem fx® Tax
- CCH Axcess™ Tax
- Partnership - 1065
- Georgia - GA
- Passthrough Entity Tax - PTET - PET
Procedure
- Go to Georgia > General worksheet > Line 34 (Interview GA3, box 60) - Electing to pay tax at the entity level, select the checkbox.
- Go to Common State > State PTET Generation worksheet > Line 11 (Interview PTE-ST1, box 70) - Georgia, select the checkbox.
Prepayments of tax
GA 700, page 2, Schedule 3, line 2 - Credits and payments of estimated tax:- Georgia > Payments/Penalties worksheet
- In Grid 1, in row Payment (Interview GA6, boxes 40-43), input an amount.
- In row Payment option (Interview GA6, boxes 100-103), input 1.
- Note: Input with code 1 will only flow if GA 700, page 1, Partnership elects to pay the tax at the entity level checkbox is selected.
- And/or in Lines 2 and 5 - Prior year overpayment applied and Amount paid with extension (Interview GA6, boxes 60 and 62), input as applicable.
- Georgia > Payments/Penalties worksheet.
- In Grid 1, in row Total withheld payments (Interview GA6, boxes 48-51), input applicable amount(s).
- In row Payment option (Interview GA6, boxes 100-103), input 1.
- Notes:
- Input with code 1 will only flow if GA 700, page 1, Partnership elects to pay the tax at the entity level checkbox is selected.
- Zero is not a valid input to override calculated amounts on Form 700, Sch 3, line 4 derived from the G2-A, line 7 and G7-NRW. See KB article 174711 for additional information.
- Notes:
Note
Monitor Forms Release StatusAdditional Information
Georgia PTE Election 2022 Questions and Answers
- Schedule 1 and Schedule 3 have changed in 2022 to calculate PE tax, less NOL deduction, and balance due or overpayment, respectively.
- Schedule 3 Payments can be input at Georgia Payments worksheet > Section 1 > Lines 2 Prior Year Overpayment applied, and 6 - Other Payments
- Form 700, page 5, Schedule 9 is now used to itemize NOL carry forwards. The input for these carryforwards is Georgia > Income / Deductions worksheet > Section 4 - GA NOL. As with NOL input in other products, bare minimum input is the Loss year Originated and the Amount of Loss, input as a positive value.
| Solution Id | 000257766/000257766 |
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