Knowledge Base Solution - Minnesota Passthrough Entity Tax Schedule PTE - 1120S - Tax Year 2022

Minnesota Passthrough Entity Tax Schedule PTE - 1120S - 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
S Corporation - 1120S
Minnesota - MN
2022

Answer

Question	Answer
-Form Name	Schedule PTE
-State Links	https://www.revenue.state.mn.us/pass-through-entity-pte-tax https://www.revenue.state.mn.us/sites/default/files/2022-10/pte_22.pdf
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)
-How do we generate the form above?	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

Solution Id	000260676/000260676
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