CA PTE for 2022 return

Forum|Forum|2 years ago
September 7, 2023
2 replies
24 views

So, my first PTE. It is for an CA S-Corp cash basis. The payment with the current 2022 year return and the 2023 estimate will both be a Federal deduction for 2023 since that is when they are being paid but the credit to the State of CA is on the 2022 CA K-1. Is that how it is supposed to go? Thanks in advance.

Lacerte Tax

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T

TaxGirl3

Level 5

Sounds right.

But you made the required initial payment by June 15, 2022, correct?

DrphibesAuthor

Level 6

I was under the impression that all CA payments, including PTE, were pushed out to Oct 16th. Can someone point me to where this is not the case please. Thanks in advance.

abctax55

Level 15

"....pushed out to Oct 16th."

Not for payments due June 2022 - which was long before we had any inkling of the Dec 2022/Jan - Feb 2023 storm cycle from h*((.

HumanKind... Be Both

abctax55

Level 15

PTE (PEET) payments are deductible in the year PAID (no matter what year the payment is for) on the Federal return only.

But, if a payment (either $ 1000, or 50% of the prior year PEET - which ever is greater) was not made by 6.15.22 your client isn't eligible for PEET for the 2022 return.

HumanKind... Be Both

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