Schedule B: Modifications to Federal S Corporation and Partnership Income (2024)
West Virginia · WV Tax Division · Used for tax years 2024
West Virginia Schedule B (Form PTE-100) reports adjustments that increase or decrease federal S corporation and partnership income for 2024. It also includes Schedule B-1 to calculate an allowance for governmental obligations and obligations secured by residential property.
What you'll need
- IRS Form 8996: Include a copy when reporting Qualified Opportunity Zone business income on Schedule B, line 9.
- Schedule B-1: Complete this schedule for the allowance reported on Schedule B, line 11.
- Federal Form 1120S or Form 1065, Schedule L: Use the total assets shown there for Schedule B-1, line 6.
- Schedule A: Its line 4 is used to calculate adjusted income on Schedule B-1. Schedule B totals also carry to Schedule A.
Common mistakes
Follow these reminders printed on the form:
- Include a copy of IRS Form 8996 for Qualified Opportunity Zone business income on line 9.
- Provide a brief description for other increasing adjustments on line 5 and other decreasing adjustments on line 10.
- Complete Schedule B-1 for the allowance on line 11.
- Round the ratio on Schedule B-1, line 7, to six decimal places.
- Disregard the sign when calculating the allowance on Schedule B-1, line 9, and carry that amount to Schedule B, line 11.
Questions people ask
What is Schedule B used for?
It reports modifications to federal S corporation and partnership income for Form PTE-100. It has separate sections for increasing and decreasing adjustments.
Where do the adjustment totals go?
Add Schedule B lines 1 through 5 and enter the total on line 6 and Schedule A, line 5. Add Schedule B lines 7 through 11 and enter the total on line 12 and Schedule A, line 6.
Where do I report state and local income tax refunds?
Schedule B, line 8, is for refunds of state and local income taxes received and reported as income to the IRS.
How is adjusted income calculated on Schedule B-1?
For line 8, add Schedule A, line 4, and Schedule B, line 6. Then subtract the sum of Schedule B lines 7 through 10.