CA PTET for SMLLC on Form 568

Forum|Forum|2 years ago
March 15, 2024
1 reply
8 views

I'm trying to verify CA SMLLCs (taxed as a disregarded entity) are PTET eligible.

From FTB, https://www.ftb.ca.gov/file/business/credits/pass-through-entity-elective-tax/help.html it *appears* so.

But Lacerte doesn't appear to let it populate on 568 Page 1 line 4 (and there' no "jump to input"). So I'm trying to figure out if this is a Lacerte limitation or if I'm misunderstanding FTB instructions.

I've tried building the 568 in the Individual Module and the PShip module (which does seem to get me farther, but not all the way).

Lacerte Tax

Best answer by abctax55

Nope - SMLLC's aren't eligible, unless they elect S-Corp treatment.

abctax55Answer

Level 15

Nope - SMLLC's aren't eligible, unless they elect S-Corp treatment.

HumanKind... Be Both

K

Karl

Author

Intuit Community Champion

Thank you, I was spinning in circles on this one.

So I'm trying to figure out why there are PTET lines on Form 568. I don't do PShips, but I know there are different circumstances when a PShip files a 565 vs 568. Is it because the 568 can be used for a PShip in some circumstances?

*If this (or another answer/reply) solves your problem, please click "Accept as Solution" to get this post out of the "Unanswered" queue of posts.*

abctax55

Level 15

A MMLLC files F 568, a general partnership files F 565.

A California SMLLC also has to file F 568, to pay the $ 800 minimum tax, as well as the LLC fee if the gross receipts are high enough.

HumanKind... Be Both

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