Minnesota PTET credits

[cornyb4]

Does Turbo Tax support MN PTET credits?  What line is that going to be entered on?

[RobertB4444]

When you start your Minnesota tax return there will be a section for "Income that Minnesota handles differently".  Since you have the K1 entered on your federal return you will get an option to enter a "Pass through entity payment".  Once you have entered it schedule PTE will be added to your return with the amount paid on your behalf included on it.

[cornyb4]

Thank you again for the suggestion.

I'm not sure how much you would be willing to help with specific details.

I took your advice in entered two entries under "Income that Minnesota handles differently"

KPINC results with:

Line 3a have $598

Line 30 have $5,754

Line 32 totals $6,352

MN income is $58,417 (investment) and no other income.)

MN tax at 7.85% is 4586

2025 R&D tax credit to be utilitized is ($598)

MN PTET credit is ($5,754)

MN refund is 1,766 (should be according to the company)

Turbo tax is giving me a $1,186 tax due.

So, I'm trying to reconcile the differences. 

I will most likely file an estimated return as the K-1 won't be done as the Federal/MN is finalizing a 45Z Clean fuel production tax credit along with MN.

I have not seen Form 8986 or form 8987 if they will generate it or I will generate it.

Thanks

[AmyC]

The program is not picking up your credit. A full or corrupted cache can cause problems in TurboTax, sometimes you need to clear your cache (that is, remove these temporary files).

Online version:

1. Delete the form/ worksheet- if possible, see How to Delete  
2. Log out of your return and try one or more of the following:
   • Don't use Internet Explorer.
   • Clear cache and cookies,
   • Sign in using a different browser.
   • Sign in using a different device.
3. Log back into your return.
   • Enter the information again. 

Desktop version: 

1. Delete the form
2. Save your return while closing the program.
3. Update the program
4. Open
5. Enter the information again.

[cornyb4]

Thank you. 

So, this is under Business and Investment Credits and then check Qualified for Pass-Through Entity Tax Credit.

And then enter the amount here. Correct. 

Thank you.