Minnesota Passthrough Entity Tax Schedule PTE - 1065 - Tax Year 2022

  • Article Type:
  • QA
  • Last Modified:
  • 03/12/2023

Question

What are some common questions and answers regarding Minnesota Schedule PTE with tax year 2022?

Environment

  • CCH® ProSystem fx® Tax
  • CCH Axcess™ Tax
  • Partnership - 1065
  • Minnesota - MN
  • 2022

Answer

QuestionAnswer
-Form NameSchedule PTE
-State Links
Election for PTE
-Is an Election Required?
  • Election is required if you are a Partnership or S Corporation that is electing to pay income tax at the entity level on behalf of the owners.
-Made when?
  • Election must be made by due date or extended due date of the entity's return.
-Good for?
  • Election is good for however long Minnesota decides to keep the form available.
-Option  to Opt-Out?
  • There is currently no option to opt-out. Simply do not select the option to file the PTE.
Generation of State PTE Return
-How do we generate the form above?
  • Common State/City > State PTE Generation > State PTE Return Generation > Minnesota - Generate State PTE return
    • (Interview Form PTE-ST1, Box 134)
  • Minnesota > PTE Information worksheet > line Prepare MN PTE form - override, select the checkbox.
    • (Interview Minnesota > MN17, box 40)
-Is this a separate filing from the main form, part of the main form, or filed on it's own?
  • The form is part of the main form of the return.
Estimates
-Are there estimates for this form?
  • There are no estimates for this form.
-Can you apply an overpayment from the current year form?
  • Overpayment is only applied to the main form.
Interest/Penalties
-Do interest/penalties apply?
  • Interest and penalties are only available at the main form level.
-Is there an underpayment penalty?
  • Underpayment penalty is only available at the main form level.
Additional PTE Information
  • Common State > State PTE Generation worksheet >Grid 23  (Interview PTE-ST1, boxes 300-364)
-Does this section apply to this state?
  • Not applicable.

Additional Information

N/A

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