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How to enter New Jersey PTE tax in ProSeries

SOLVEDby Intuit4Updated 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 ProSeries for non-fiscal filers.

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.

For New Jersey fiscal filers see: Common questions about New Jersey fiscal returns in ProSeries.

To claim the credit on an individual return:

  1. Open Form NJ-BUS-1.
  2. Scroll down to Part II for partnerships, or Part III for S corporations.
  3. Enter the Share of Pass-Through Business Alternative Income Tax reported from the Schedule PTE-K1.

To generate the PTE for a partnership:

  1. Open the NJ Partnership Information Worksheet.
  2. Check the box for Entity is an electing PTE.
  3. Check the box indicating the Taxpayer has filed the election to pay the Pass-Through Business Alternative Income Tax.
  4. Click the QuickZoom to open form PTE-100.

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. Open the NJ S Corporation Information Worksheet.
  2. Check the box for Entity is an electing PTE.
  3. Check the box indicating the Taxpayer has filed the election to pay the Pass-Through Business Alternative Income Tax.
  4. Click the QuickZoom to open form PTE-100.

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

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