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Business & farm
No, the order in which the business returns were filed would not affect reporting PTET.
In TurboTax Business, you must complete Schedule PTET Adj in order for the paid tax to be included on the Virginia Schedule VK-1. You can do this using Forms Mode (click the Forms icon in the TurboTax Business header).
- Open Form 502, PTET and check the box at the top to elect to pay the Virginia income tax at the entity level.
- Confirm that no other boxes on this form are red. (If you click the Errors icon above the forms list, you'll see the error description under the open form.) Correct as needed.
- Open PETEADJ and scroll down to Part III, Line 10. Enter the amount of PTET tax that was paid. Confirm there are no errors on this form.
- Open Sch VK-1 for one of the partners. Part III Line 10 should display the allocated portion of the PTET tax that was paid.
- When you're finished, click Step-by-Step in the header to return to the main screens.
Use the revised Schedule VK-1 to report the PTET on your personal tax return.
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March 7, 2023
7:27 AM