Down below we'll go over how to enter PTE for Kansas on Individual, Partnership, and S Corporate returns in Lacerte.
Individual
- Go to Screen 53.061, Kansas Credits.
- Under the Kansas Refundable Credits section, enter the amount in the Credit for tax paid on K-120S field.
- This flows to Line 26 of Form K-40.
Partnership
- Go to Screen 37.061, Kansas Miscellaneous Information.
- Under the Kansas Information section, check the box for Electing to be subject to tax at the entity level.
- This marks "Are you electing to be subject to tax at the entity level?" on page 1 of KS K-120S, calculates tax on page 2, and completes Part IV - Partners or shareholders distribution of income on page 5.
A report for those electing to pay income tax on the K-120S is generated, called the K-9 Kansas Statement.
S Corporation
- Go to Screen 42.061, Kansas Miscellaneous Information.
- Under the Kansas Information section, check the box for Electing to be subject to tax at the entity level.
- This marks "Are you electing to be subject to tax at the entity level?" on page 1 of KS K-120S, calculates tax on page 2, and completes Part IV - Partners or shareholders distribution of income on page 5.
A report for those electing to pay income tax on the K-120S is generated, called the K-9 Kansas Statement.