PTE-12: Schedule for Pass-through Owners and Instructions 2024 (2024)
Idaho · Idaho Tax Commission · Used for tax years 2024
Idaho Form PTE-12 is a reconciliation schedule included with a pass-through entity’s Idaho income tax return, Form 41S, 65, or 66. It lists each owner’s identifying information, filing code, Idaho distributable income, and applicable composite tax, income tax withholding, or affe
Who files this form
A pass-through entity doing business in Idaho with income taxable in Idaho must include Form PTE-12 with its Idaho income tax return, Form 41S, 65, or 66.
Pass-through entities include partnerships, LLCs taxed as partnerships, S corporations, trusts, and estates. Include complete information for every owner, whether the owner has Idaho distributable income or a loss.
If you file Form 66, refer to its specific instructions for help completing PTE-12.
What you'll need
Have the following information available:
- The entity’s name, EIN, and tax year beginning and ending dates.
- A contact person’s name, phone number, and email address.
- Each owner’s name and corresponding Social Security number or EIN as shown on the Idaho income tax return, plus their address.
- Form ID K-1, line 34, for each owner’s Idaho distributable income.
- Composite tax, withholding, or affected business entity (ABE) tax amounts, as applicable.
If you use filing code A, the entity must have received and approved the owner’s signed Form PTE-NROA. If you use code W, use the amounts paid on Forms PTE-01 to reconcile the withholding total.
How to file
Include Form PTE-12 with the entity’s Idaho income tax return, Form 41S, 65, or 66.
- Complete the entity and contact information at the top.
- List one owner per line, with the owner’s identification number and address.
- Enter the appropriate filing code in column (a) and Idaho distributable income in column (b).
- Complete column (c) for composite tax, column (d) for withholding, or column (e) for ABE tax, as applicable.
- Total columns (b), (c), (d), and (e). If you use more than one schedule, enter the totals on the last page only.
Submit withholding to the Tax Commission using Form PTE-01 for each nonresident individual owner subject to withholding. Do not send payments or Forms PTE-01 with the entity return.
Common mistakes
- Leaving out owners with losses. Include complete information for every owner, even if the owner has a loss.
- Putting totals on every schedule. If you have multiple schedules, enter total amounts on the last page only.
- Using code E for only some owners. If the entity uses filing code E, it must apply to all owners.
- Using composite or withholding codes for ineligible owners. Code C cannot be used for an owner who is not an individual under the instructions’ definition. Withholding cannot be paid on behalf of another entity, and code W cannot be used for that purpose.
- Using code A without an approved agreement. Code A confirms that the entity received and approved the owner’s agreement. The entity is liable for tax due if the individual does not file and pay as agreed.
- Sending withholding payments with the return. Do not send payments or Forms PTE-01 with the entity return. Column (d)’s total should match the total paid on Forms PTE-01.
Questions people ask
How do I report resident and part-year resident individual owners?
Use filing code R and complete only columns (a) and (b). These owners must report the entity income on their Idaho individual income tax returns. They cannot be included in a composite return and are not subject to withholding.
What if a nonresident individual owner has less than $1,000 of Idaho distributable income?
Use filing code N and complete only columns (a) and (b). These owners are not included in a composite return and are not subject to withholding. They must report the entity income on an Idaho return if they have other Idaho reporting requirements.
What options apply to a nonresident individual owner with at least $1,000 of Idaho distributable income?
The instructions give three options: withholding at 5.695% using Form PTE-01 and code W, composite tax at 5.695% using code C, or a signed Form PTE-NROA received and approved by the entity using code A. Under an approved agreement, the owner files an Idaho return and pays the required tax.
Where does the amount in column (b) come from?
Use Idaho distributable income from Form ID K-1, line 34. For partnerships, this includes guaranteed payments sourced to Idaho. For a nonresident beneficiary, enter only the beneficiary’s share of distributed Idaho-source income.