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Level 3
04-11-2023
09:43 PM
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1) Data entry from 1065 K-1 for an individual partner into 1040 tax prep software should simply follow the K-1 codes in alphanumeric order. K-1 data should be entered on K-1 input forms with federal & state, if different, not a state form.
Attempting to enter 1065 K-1 L "Partner's Capital Account Analysis" is not available with intuit solution suggesting Question 6 answered YES omits the requirement for capital account data. Question 6 is about the recognition of PPP forgiveness, not Capital Account data.
2) How to enter Virginia PTE in ProConnect
SOLVED • by Intuit • Updated 3 weeks ago
Down below we'll go over how to enter PTE for Virginia on Individual, Partnership, and S Corporate returns in
ProConnect.
Table of contents:
‣ Individual
‣ Partnership
‣ S Corporation
Individual
1. From the Input Return tab, go to State & Local ⮕ Other Credits ⮕ VA Credits.
2. Under the Virginia Schedule CR section towards the bottom of the screen, under the Pass Through
Entity Elective Tax Payment Credit subsection, enter the amount from the K-1 in the Total credits
allows this year field.
This amount flows to page 5, part VI of Schedule CR.
Attempting to enter 1065 K-1 L "Partner's Capital Account Analysis" is not available with intuit solution suggesting Question 6 answered YES omits the requirement for capital account data. Question 6 is about the recognition of PPP forgiveness, not Capital Account data.
2) How to enter Virginia PTE in ProConnect
SOLVED • by Intuit • Updated 3 weeks ago
Down below we'll go over how to enter PTE for Virginia on Individual, Partnership, and S Corporate returns in
ProConnect.
Table of contents:
‣ Individual
‣ Partnership
‣ S Corporation
Individual
1. From the Input Return tab, go to State & Local ⮕ Other Credits ⮕ VA Credits.
2. Under the Virginia Schedule CR section towards the bottom of the screen, under the Pass Through
Entity Elective Tax Payment Credit subsection, enter the amount from the K-1 in the Total credits
allows this year field.
This amount flows to page 5, part VI of Schedule CR.
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