Nebraska 1120S and 1065S are now required to have quarterly estimates for 2024, if the entity elected the pass-through entity tax (PTET). Your software is not calculating these estimates. This is new for 2023 and the estimates are required for 2024

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Forum|Forum|2 years ago
January 31, 2024
2 replies
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Nebraska 1120S (S Corps) and 1065S (Partnerships) are now required to have quarterly estimates for 2024, if the entity elected the pass-through entity tax (PTET). Your software is not calculating these estimates. This is new for 2023 and the estimates are required for 2024

A

Anonymous

Thanks for the idea to support Nebraska 1120S and 1065S for quarterly payments for 2024. We are changing the status to "Open for voting".

Continue to vote and comment on enhancements by going to the Idea Exchange Home page and select "Status": Open for voting, "Sort by": Most Popular. > ProSeries Idea Exchange

If you have any questions on the life cycle of an idea, check out our Idea Exchange Getting Started Guide for more information.

S

sagarcpa

Level 4

This calculation is now available however the calculation is not supporting a "safe harbor" for the 2220N as it calculates with next year's NE rate. If a taxpayer has a higher PTET tax in the following there will be an underpayment penalty. Please base this calculation on the 2220N structure. Either this years PTET or prior year PTET for the underpayment penalty.

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