In prior years, the Louisiana composite return was a separate filing type, and used form R-6922. Now the composite return has been incorporated into the main form (IT-565). Page 9 of the form is now Schedule 6922, and pages 10-12 report any credits attributable to the composite return.
ProSeries will complete Schedule 6922 when at least one partner qualifies for filing a composite return.
To generate Schedule 6922
- Open the Louisiana Partnership Information Worksheet.
- On Part II - Tax Year Information and Filing Information check the No box for Entity is filing a pass-through entity (PTE) tax election for this tax year.
- On the Schedule K-1 Worksheet ProSeries will automatically check Yes or No based on the tax instructions for all partner types except for a Disregarded Entry.
- If a Disregarded Entry is not marked as a corporate partner the Include in composite return box must be manually completed.
- The Schedules A or B will automatically calculate and the Schedule 6922 will automatically complete.
Generating form CIFT-620
The process for generating a Louisiana corporate income tax return for electing PTEs is the same as in prior years.
- Open the Louisiana Corporation Information Worksheet.
- Scroll down to Part II - Information Needed to Complete Louisiana Corporation Return.
- To generate the R6980 check Yes to Entity is filing initial pass-through entity (PTE) tax election in the current year.
- To generate the R6981 check Yes to Entity has already filed a pass-through entity (PTE) tax election.
Revenue account required for e-file
We can’t e-file returns without a Louisiana revenue account number. If your client doesn’t have one yet, they should go to the LaTAP website to register and receive a revenue account number.