ProConnect HelpIntuit HelpIntuit

How to enter New Jersey PTE tax in ProConnect

SOLVEDby Intuit1Updated 1 month ago

This article will help you report the New Jersey passthrough business alternative income tax (sometimes called PTE, PTET, or SALT workaround) and the resulting credit in Intuit ProConnect.

New Jersey PTE/BAIT returns originally due between March 15th and June 15th, 2022 are now due by June 15th, 2022. See the Division of Taxation for more information.

To claim the credit on an individual return:

  1. From Income, under Passthrough K-1s, go to the Partnership Info or S-Corp Info, depending on the K-1 that reported a credit.
  2. From the Schedule K-1 sections along the top, select State & Local.
  3. Scroll down to the New Jersey Information section.
  4. Enter the amount in Share of Business Alternative Income Tax.

The credit will flow to form NJ-1040, line 62. Form NJ-BUS-1 will report all of the sources for the credit.

To generate the PTE for a partnership:

  1. On the Profile tab, under the Select for E-file column, check the box for New Jersey PTE.
  2. The program will calculate the Pass-Through Business Alternative Income Tax per the Form PTE-100 instructions on line 2.
  3. For extensions, use the State & Local section under Automatic Extension (7004) in the New Jersey Extension (PTE-200-T) section.

The program will calculate the PTE-100 and generate a Schedule PTE-K-1 for the members.

To generate the PTE for an S corporation:

  1. On the Profile tab, under the Select for E-file column, check the box for New Jersey PTE.
  2. The program will calculate the Pass-Through Business Alternative Income Tax per the Form PTE-100 instructions on line 2.
  3. For extensions, use the State & Local section for Extension of time to file in the New Jersey Extension (PTE-200-T) section.

The program will calculate the PTE-100 and generate a Schedule PTE-K-1 for the members.

Was this helpful?

You must sign in to vote, reply, or post
ProConnect Tax

Sign in for the best experience

Ask questions, get answers, and join our large community of Intuit Accountants users.