PTE-100TC: Summary of Tax Credits (2024)
West Virginia · WV Tax Division · Used for tax years 2024
West Virginia Form PTE-100TC summarizes tax credits that S corporations and partnerships can allocate to their shareholders or partners. It reports the credit amounts calculated on the appropriate schedules and the credits available for the current year.
Who files this form
S corporations and partnerships use Form PTE-100TC to summarize tax credits allocable to their shareholders or partners.
To claim a tax credit, the entity must attach this summary and the appropriate credit calculation schedules or forms to its return, subject to the exception for Form NIPA-2 described below.
What you'll need
Have the following ready:
- Your entity name and FEIN.
- The credit calculation schedules or forms listed for the credits you claim. For example, the Economic Opportunity Tax Credit lists Schedules EOTC-1 and EOTC-A, and the Apprentice Training Tax Credit lists Schedule ATTC-1.
- A Department of Agriculture Certificate if claiming the Farm to Food Bank Tax Credit.
- An allocation schedule for each credit claimed. The allocations will be reported on K-1 or K-1C.
If claiming the Neighborhood Investment Program Credit, keep the WV NIPA-2 credit schedule in your files. You do not need to enclose it with your return.
How to file
Enter your entity name and FEIN. For each credit claimed, enter the credit calculated on the appropriate schedule and the available tax credit for the current year. Add the credits on line 22.
Complete an allocation schedule for each credit claimed and report the allocations on K-1 or K-1C.
Attach Form PTE-100TC and the appropriate credit calculation schedules or forms to your return. Do not enclose WV NIPA-2 for the Neighborhood Investment Program Credit; maintain it in your files instead.
Common mistakes
- Leaving out required attachments. Both this summary and the appropriate credit calculation schedules or forms must be attached to claim a credit, except for WV NIPA-2.
- Skipping credit allocations. The entity must complete an allocation schedule for each credit claimed. These allocations are reported on K-1 or K-1C.
- Failing to keep WV NIPA-2. Although it no longer needs to be enclosed with the return, you must maintain it in your files.
- Exceeding the credit limit. The total amount of credit cannot exceed the tax liability for that tax.
Questions people ask
What is Form PTE-100TC used for?
S corporations and partnerships use it to summarize tax credits allocable to shareholders or partners.
Do I need a separate allocation schedule for each credit?
Yes. The entity must complete an allocation schedule for each credit claimed. The allocations will be reported on K-1 or K-1C.
Must I attach the Neighborhood Investment Program credit schedule?
No. You no longer need to enclose WV NIPA-2 with your return, but you must keep it in your files.
Where do I enter the total credits?
Add the credits listed above line 22 and enter the totals on line 22.