The Iowa Department of Revenue has released updated tax guidance including the following new or updated Common Questions related to Pass-Through Entity Tax (PTET):
- What is the deadline for making a PTET election?
- How is the PTET calculated and what is the tax rate?
- Will an electing pass-through entity be subject to penalties and interest related to its PTET election and tax payment?
- Can the owners of an electing pass-through entity claim a tax credit for the PTET paid by the electing pass-through entity? If yes, how are the ownersβ PTET credits calculated?
- How are PTET credits reported to owners?
- How are the PTET credits claimed by owners?
- How will my PTET credit claim affect the 1099-G Certain Government Payments form I may receive from the Department?
- Who can file the 2022 PTET form on behalf of an electing pass-through entity?
- What documents will an electing pass-through entity need to prepare the 2022 PTET form on GovConnectIowa?
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