Have a 2023 Montana schedule K-1, for nonresident, where to enter the gain ( Montana schedule k-1 PTE part 4 line 1) or tax withheld (part 5 line 3a) on TT?

Forum|Forum|2 years ago
March 25, 2024
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On Federal the income is in the Business investment and Estate/Trust income category, which is not showing as one of the entries for entering Montana related income source, also there is not a place/entry for enter Montana Schedule K-1 PTE part 5 line 3a, which is the tax withheld for the investment.

TurboTax Online

PatriciaV

Employee

Your entries from the federal Schedule K-1 should flow to the Montana section of TurboTax so that the income attributed to Montana is reported to the state. As you work through the Montana state interview, look for a section on Business Income or Credits/Taxes. You should see a line item for pass-through entity tax withholding/payment. This is where you enter the amount of PTE paid on your behalf.

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0ee18c6dbd8fAuthor

Thank you Patricia,

The problem with the Montana state tax in TT is that it is missing a lot of entries needed. The tax withhold on a Montana Schedule K-1 for PTE includes a whole section (part 5), but TT is only asking for the number on Part 5, line 1, and skipping everything else. Now in order to get credit for all the tax paid and withhold, one has to add all the numbers together then enter it as the number for Part 5 line 1.