Minnesota PTET credits

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

RobertB4444

Alumni - Intuit

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.

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cornyb4Author

Level 3

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

Alumni - Intuit

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:

Delete the form/ worksheet- if possible, see How to Delete
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.
Log back into your return.
- Enter the information again.