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How to enter New Jersey PTE tax in Lacerte

SOLVEDby Intuit27Updated April 01, 2022

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 Lacerte.

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. Go to Screen 20, Passthrough K-1s.
  2. Select the partnership or S corporation K-1 that reported a credit.
  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. Check the box on Screen 1, Client Information for New Jersey PTE.
  2. The program will calculate the Pass-Through Business Alternative Income Tax per the instructions for Line 2 of the Form PTE-100.
  3. For extensions, use Screen 6, Automatic Extensions under 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. Check the box on Screen 1, Client Information for New Jersey PTE.
  2. The program will calculate the Pass-Through Business Alternative Income Tax per the instructions for Line 2 of the Form PTE-100.
  3. For extensions, use Screen 12, Automatic Extensions under 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.

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