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Virginia Form 502 PTET Issues

hkaelber
Level 1

Am trying to complete a Virginia Form 502 PTET Return and having two issues:  1.  the Form 502 is showing an error for the number of nonresident owners - there aren't any!  The Sch VK-1 Wks is correct as all 3 members are coded as Owner's Entity Type RES.  Am a long time user and this is not a new return for this entity.  2. All amounts on form VK-1 require "Special allocations By Amount".  All items are able to be allocated except for the PTE Elective Tax Payment Credit and the incorrect Credit is being reflected on each member's VK-1.  I've looked over the input screens several times and can't seem to find any missing entries.  These issues need resolution before the return can be filed as Virginia will not accept the return's not filed electronically.

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1 Solution

Accepted Solutions
IntuitMark304
Employee
Employee

OK, updates have been made to the product that should address the faulty error message you experienced.  Go ahead and update your software to receive the changes.

Additionally, on the Schedule PTET ADJ, Part III, line 10 users can now enter a code to specially allocate PTET credits.

Thanks for the great feedback you provided.  Best of luck this tax season!

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4 Comments 4
IntuitMark304
Employee
Employee

hkaelber,

We are proactively working on a fix for the nonresident owner issue you posted about.   We are also investigating a solution to your request to specially allocate the PTET credit for the partners.  I will update you on the status of these items as soon as possible.  Sorry for the pain it has caused you so far.  

Thanks. 

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IntuitMark304
Employee
Employee

OK, updates have been made to the product that should address the faulty error message you experienced.  Go ahead and update your software to receive the changes.

Additionally, on the Schedule PTET ADJ, Part III, line 10 users can now enter a code to specially allocate PTET credits.

Thanks for the great feedback you provided.  Best of luck this tax season!

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hkaelber
Level 1

Thank you!  That resolved the issues.

Twlyle
Level 1

 I am also having an issue with the PTET on the individual side. When I enter the credit amount on Sch CR Pg 3-5 Section 3 Part 6, I get a diagnostic to attach "Entity Elective Tax Payment Credit". I have tried attaching just about everything and it doesn't work. Does anyone know EXACTLY what form needs to be attached? 

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