Populate 502PTET page 1 Election checkbox

• Go to Virginia > General worksheet > Expand Section 4 - PTET Information > Line 1 "Check here to certify eligibility and election to pay Virginia at the entity level for the taxable year. If not checked, the election will be invalid", select the checkbox.
  • Interview Form Virginia > VA2, box 110.

Prepare 502PTET return

VA made a change to the PTE with Tax Bulletin 23-3 allowing all PTEs to make the PTET election, but only owners meeting the eligible owner requirement may claim the refundable PTET credits.

• Go to Common State > State PTE Generation worksheet > Line 20 - Virginia, select the checkbox.
  • Interview Form PTE1, Box 254.

Special Allocation of PTE credit to partners
To specially allocate the PTET credit per their spreadsheet/calculation:

• Go to Interview Form K-4, or in Worksheet View: Special Allocations > Special Allocations worksheet > Special Allocation - Detail > State Allocation code 49981 with the "Units" box checked and amounts entered in the Allocation column for that code. 

Extension

See 502PTET Instructions to notes on an automatic extension. 
If input is made for a Virginia extension, the letters will note No extension required.

• Go to Extensions > Extensions worksheet > Section 2 - State Extension Information > Line 1 (Interview EXT-2, box 30) - Produce all state first extensions, select the checkbox.
• Or Grid 4 - Specific State Information - First Extensions, in column State Code (Interview EXT-2, Box 40) select VA.
  • If after 3/15, also select (Interview EXT-2, box 45) - X to Unlock.

Payments

502PTET, page 2, Section III, Line 8

1. Go to Virginia > Payments / Penalties worksheet > Section 1 - Tax Payments - Form 502
2. In Line 1 - Total withholding tax payment (Interview Form Virginia > VA2, box 102)
3. In Line 2 - Prior year overpayment applied (Interview Form Virginia > VA2, box 101)

502PTET, page 2, Section III, Line 9

• Go to Virginia > General worksheet > Section 4 - PTET Information > Line 3 - Extension and other payments made to PTET ((Interview Form Virginia > VA2, box 112).

PTE Next Year Estimates

Estimates for this form are not supported, but estimate filing instructions and transmittal letters are prepared directing clients to Virginia Department of Taxation for payment information: https://www.tax.virginia.gov/payments

Electronic Filing

• Return efile available with option to pay by direct debit. Informational diagnostics 34057 will issue to confirm bank info setup properly.
• If no bank info entered, the letters will default to ask client to pay amount due at state webpage https://www.tax.virginia.gov/payments

Filing Instructions

• Extension, Return, letters available.

Note

• Interest and penalties may apply and they are the same calculation as the main 502 return.