File Form 740-PTET for Single Member LLCs

The Kentucky Department of Revenue doesn't accept 740-PTET electronically filed with individual returns; only with business returns. Single Member LLCs should file Form 740-PTET using UltraTax CS/1120 instead.
The following steps assume you have a 1040 client that's a single member LLC filing a Schedule C, including income on Form 740/740-NP, and filing Form 725.
  1. Create an 1120S client in UltraTax CS and add Kentucky as a state.
  2. In
    Shareholder Information
    , enter the LLC's single member as the sole shareholder.
  3. On the Kentucky tab, select
    Single member individually owned LLC disregarded for federal tax
    .
  4. Select OK to save.
  5. In the federal input screens, go to the General folder and enter business information on the
    1120
    screen.
  6. On the
    Contact
    screen, enter the single member as the Authorized Signer.
  7. If applicable, enter account information on the
    Bank
    screen.
  8. In the Electronic Filing folder, go to the
    ELF
    screen and complete:
    1. File this return electronically
    2. Suppress creation of: Federal electronic file...
    3. Signature date
    4. PIN authorization indicator
    5. Taxpayer PIN of...
    6. ERO PIN of...
  9. Use screens in the
    Income & Deductions
    folder to enter the LLC's income, deductions, and related information.
  10. Go to the Kentucky input screens.
  11. In the General folder, use the
    KYGenS
    screen to enter:
    1. Kentucky account number
    2. Kentucky business code
    3. Principal activity in KY
    4. LLC
  12. In the KY Electronic Filing folder, mark
    Suppress Form PTE or Form 720 electronic file...
    on the
    ELF
    screen.
  13. In the Pass-through Entity folder, go to the
    KYPTE
    screen and mark
    Elect to file and pay pass-through entity tax
    .
  14. Finalize and e-file the return.
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