virginia form 502 PTET

Forum|Forum|3 years ago
April 5, 2023
3 replies
42 views

How do I claim a credit for sub S corporation taxes paid in 2022 on new form 502 PTET

Ask the Experts - Refund - April 2023

PatriciaV

Level 15

Report the PTE Tax Paid by the partnership as follows:

During the federal K-1 interview, enter for Box 13 Code W as "PTE Tax Paid."
Go to Deductions and Credits >> Estimates and Other Taxes Paid >> Estimates.
Click Start/Update, then Start beside State estimated taxes for 2022.
Enter the amount paid and choose Virginia from the drop-down menu.
Continue on to the Deductions & Credits summary page.
Now go to State Taxes and follow the prompts to Credits and taxes.
Click Start/Update and confirm the estimated tax payment appears at the top of the page.

This process will apply the PTE payment against your Virginia state income taxes due.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

Troy_Evets

Level 2

I formed my LLC in 2022 and elected to be taxed as an S-Corp late in the year; I had already paid my Virginia estimated taxes (760ES) and according Virginia, "If VA Form 502 PTET has not been filed for the tax year, the election can be revoked by filing the VA Form 502". If I follow the steps outlined, can I file 502 (or 502EZ) via TT Business to ensure that my estimated taxes are not allocated to my PTE?