Where do I enter the VA addition for PTE taxes paid by partnership?

Forum|Forum|2 years ago
April 14, 2024
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I received a VK-1 from a Virginia partnership. VA partners receive a credit for state taxes paid by the partnership. However, the flip side of this is that the partner must also add back their share of the taxes paid by the PS that gave rise to the PTE credit. This amount is reported on line 10 of Form VK-1, but I don't see anywhere in TurboTax Premier Desktop to enter this amount. Do I have to manually adjust my distributive share of PS income reported on line 1 of Form VK-1 to include the amount reported on line 10? If yes, I would have expected better from TurboTax!

dominarofactionAuthor

Never mind, I figured it out. For those who are curious, you don't enter the information as part of the state K-1 (go figure!). Instead, go to the state Credits & Taxes section --> Business & Investment Credits --> Pass-Through Entity Elective Tax Payment Credit --> enter the credit amount, then click "continue" to get to the "PTE Add Back" blank.