IL PTE Calculation for tax year 2022
- Article Type:
- Documentation
- Last Modified:
- 02/27/2023
Objectives
- Such as instructions, due dates, filing information, FAQs etc.
https://tax.illinois.gov/content/dam/soi/en/web/tax/forms/incometax/documents/curentyear/business/smallbusiness/il-1120-st-instr.pdf
Due date 03/15
https://tax.illinois.gov/content/dam/soi/en/web/tax/forms/incometax/documents/curentyear/business/smallbusiness/il-1120-st-instr.pdf
Due date 03/15
Environment
Tax System: 1065, 1120S
Details
Due date 03/15
Election for PTE
Q - Is an Election Required?
A - NO
Generation of State PTE Return
- How do you generate the form above?
Federal or state input generates the PTE calculation. State input is on IL > General > Basic Data > Mark if electing to file and pay PTE. (IL2, box 129)
- Is this a separate filing from the main form, part of the main form, or filed on it's own?
PTE is not a separate form
Estimates
- Are there estimates for this form?
Yes
- How do we generate them?
Autogenerated when PTE is elected and estimates are required. Can be forced to calculate.
- Can you apply an overpayment from the current year form?
Yes
Interest/Penalties
- Do interest/penalties apply?
Yes
- If yes, how do we request the calculation?
Calculation is on regular return
- Is there an underpayment penalty?
Yes
Additional PTE Information
Pass-through entity income is calculated on the PTE Worksheet and carried to IL-1065/IL-1120-ST, Line 60, and the tax is calculated on IL-1065/IL-1120-ST, Line 61 by multiplying Line 60 by 4.95%.
NOTE: Schedule K-1-P(3) will be suppressed when making the election.
Election for PTE
Q - Is an Election Required?
A - NO
Generation of State PTE Return
- How do you generate the form above?
Federal or state input generates the PTE calculation. State input is on IL > General > Basic Data > Mark if electing to file and pay PTE. (IL2, box 129)
- Is this a separate filing from the main form, part of the main form, or filed on it's own?
PTE is not a separate form
Estimates
- Are there estimates for this form?
Yes
- How do we generate them?
Autogenerated when PTE is elected and estimates are required. Can be forced to calculate.
- Can you apply an overpayment from the current year form?
Yes
Interest/Penalties
- Do interest/penalties apply?
Yes
- If yes, how do we request the calculation?
Calculation is on regular return
- Is there an underpayment penalty?
Yes
Additional PTE Information
Pass-through entity income is calculated on the PTE Worksheet and carried to IL-1065/IL-1120-ST, Line 60, and the tax is calculated on IL-1065/IL-1120-ST, Line 61 by multiplying Line 60 by 4.95%.
NOTE: Schedule K-1-P(3) will be suppressed when making the election.
Additional Information
N/A
Solution Id | 000259660/IL-PTE-Calculation-for-tax-year-2022 |
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Direct Link |