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The Department has released the Pass-Through Entity Tax (PTET) election form for tax year 2023 or later on GovConnectIowa.
Making a PTET election for Tax Year 2023 or later. A partnership or S Corporation may now make a PTET election for tax year 2023 or later by logging onto GovConnectIowa and selecting the “Make a PTET Election (tax year 2023 or later)” hyperlink from the Accounts panel. This PTET election form is intended to be used by a pass-through entity that desires to make a PTET election prior to filing its Iowa income tax return (IA 1065 or IA 1120S). A PTET election for tax year 2023 or later may also be made directly on the pass-through entity’s Iowa income tax return (IA 1065 or IA 1120S).
This PTET election form will only record the entity’s PTET election. The electing entity’s PTET liability will be computed on the Iowa income tax return (IA 1065 or IA 1120S).
PTET election due date for Tax Year 2023 or later. An Iowa PTET election must be made by the due date of the entity’s Iowa income tax return, including extensions. Late elections are subject to rejection by the Department.
Pass-through entities are encouraged to create a GovConnectIowa logon and gain access to their tax accounts. For more information on gaining access to your accounts, visit our GovConnectIowa Help Page.
For additional information about Iowa's elective PTET visit Pass-Through Entity Tax.
The mission of the Iowa Department of Revenue is to serve Iowans and support state government by collecting all taxes required by law, but no more.
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