Idaho Form 41S Affected Business Entity Election (ABE) - 1120S - Tax Year 2022

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

Question

What are some common questions and answers regarding Idaho affected business entity election with tax year 2022?

Environment

  • CCH® ProSystem fx® Tax
  • CCH Axcess™ Tax
  • S Corporation - 1120S
  • Idaho - ID
  • Pass-Through Entity Tax - PTET
  • 2022

Answer

QuestionAnswer
-Form NameForm 41S, Form ABE
-State Links
Election for PTE
-Is an Election Required?
  • Yes.
-Made when?
  • Must make a separate election for each taxable year.
-Good for?
  • Annually.
-How do we make this election?
  • Check the ABE box on Form 41S and include Form ABE.
    • If the tax return is signed by an authorized officer, you do not have to include Form ABE and can suppress it.
-Separate Form needed?
  • Form ABE unless the tax return is signed by an authorized officer.
Option to Opt-out?
  • No.
Generation of State PTE Return
-How do we generate the form above?
  • Common State/City > State PTE Generation worksheet > State PTE Return Generation > Generate State PTE return - Idaho.
    • (Interview Form PTE-ST1, Box 78) 
  • Or Idaho > General worksheet > General > Affected business entity (Interview Form ID1, Box 43)
-Is this a separate filing from the main form, part of the main form, or filed on it's own?
  • When the PTE is elected, the check box is checked on Form 65 and Form ABE is produced.
  • Form ABE should be included with the original filing of the return, unless it is not required, in which case it can be suppressed at Idaho > General worksheet > Basic Data > line Suppress Form ABE.
    • (Interview Form Idaho > ID1, Box 44)
Estimates
-Are there estimates for this form?
  • No.
Interest/Penalties
-Do interest/penalties apply?
  • Yes.
-If yes, how do we request the calculation?
  • Use Federal Payments / Penalties / Estimates > Penalties worksheet > State / City Late Interest and Penalties.
    • (Interview Form Common State > Penalties > PEN-1, Boxes 40-46 and 52).
-Is there an underpayment penalty?
  • No.
Additional PTE Information
Common State > State PTE Generation worksheet >Grid 23  (Interview PTE-ST1, boxes 300-364)
-Does this section apply to this state?
  • No.
Additional Input Available
- Does new input options under State and City Tax Refund flow to the state?
  • Flows to Form 41S, Line 33.
- Does new input options under Taxes and Licenses flow to the state?
  • Flows to Form 41S, Line 20.
- Does new input options under Rent/Royalty flow to the state?
  • Flows to Form 41S, Line 20.
- Does the new input options under Farm flow to the state?
  • Flows to Form 41S, Line 20.

Additional Information

N/A

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