When trying to use TurboTax Business 2024 to file a Virginia 502PTET business tax return to elect the pass-through entity tax (PTET), there does not appear to be any way to use Form 500C to calculate potential underpayment of estimated quarterly PTET tax payments.
The State of Virginia's instructions for the 2024 502PTET form clearly state that a Form 500C must be used to calculate penalties for underpayment of estimated tax by electing pass-through entities:
https://www.tax.virginia.gov/sites/default/files/taxforms/corporation-and-pass-through-entity-tax/20...
However, there does not appear to be any mechanism to fill out Form 500C in TurboTax Business 2024 as of 1/25/25. In the Forms view of the application, the checkbox in Section IV, Line 16 of the 502PTET form to use Form 500C is grayed out and cannot be manually selected. See screenshot below:
Additionally, there is no Form 500C listed when searching for available forms for a Virginia pass through entity elective income tax return. See screenshot below:
Without access to Form 500C, it does not appear to be possible to correctly and accurately complete a Virginia PTET business tax return using TurboTax Business 2024. Please advise.
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Virginia Form 500C is not supported by TurboTax.
You have two options:
Where to download: Form 500C - Underpayment of Estimated Tax by Corporations
If we have a legitimate exception and TT did not prompt us to fill out this form...
1. Is it too late to file this the 500C after the return (I have already received a bill from VA for underpayment, even though I clearly meet multiple exceptions listed on 500C
2. Will TurboTax business desktop 2024 pay us back/reimburse us for the penalty due to the fact this form was not filed as the software does not prompt you to complete this form.
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