PTE: Montana Pass-Through Entity Tax Return (Form PTE) (2024)
Montana · Montana DOR · Used for tax years 2024
Form PTE is the 2024 Montana Pass-Through Entity Tax Return for partnerships and S corporations. It reports owners’ shares of income and deductions, Montana source income, pass-through entity tax, composite tax, and pass-through withholding, along with payments and any amount owe
What you'll need
The form requires a complete copy of all related federal forms and schedules. Depending on the items you report, include:
- Federal Schedule K for owners’ deduction items.
- Federal Form 8825 for net rental real estate income or loss.
- Federal Schedule D for short-term or long-term capital gains or losses.
- Federal Form 4797 for net section 1231 gains or losses.
- Federal Form 4562 for the section 179 deduction.
- Detailed statements for other rental expenses, other income or loss, section 59(e)(2) expenditures, and other deductions.
- A copy of the credit form, if applicable, for credits reported on Schedule II.
Have Montana Schedules K-1 received by the entity available to report Montana source income and flow-through payments. Schedule VI also calls for copies of certain federal forms and audit adjustment reports when applicable.
Common mistakes
- Using staples. The form says “No Staples.”
- Leaving out federal attachments. Include a complete copy of all related federal forms and schedules.
- Missing the required signature. Complete the officer signature and date fields.
- Leaving out the PTET authorized representative. This information is required if making a pass-through entity tax (PTET) election.
- Entering too large a composite tax ratio. Schedule IV says not to enter more than 1.000000.
- Filing Schedule DE when it is not needed. Do not file it for disregarded entities that only receive flow-through income or are considered segments.
Questions people ask
Can an overpayment be applied to next year’s tax?
Yes. On the 2024 return, line 46 lets you enter the amount of your overpayment to apply to your 2025 tax. Line 47 shows the remaining refund.
What information is needed for direct deposit?
Enter the routing number and account number, and select checking or savings. Mark the box if the refund is going to an account outside the United States or its territories.
What if the entity received more than four Montana Schedules K-1 reporting withholding or PTET?
Attach a statement with the same information requested in Part I of the Flow-Through Payments Schedule for Montana Schedules K-1 reporting mineral royalty withholding, pass-through withholding, or pass-through entity tax.
What if there are more than 10 composite tax participants?
Attach a statement with the same information requested in Schedule IV, Part IV. Report the total composite tax from those statements on line 11.
Can the Department of Revenue discuss the return with the tax preparer?
The form includes a box you can mark to allow the Department of Revenue to discuss the return with your tax preparer.