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PTE credit

branvilleataolcom

Level 1

Forum|Forum|4 years ago

May 20, 2022

Question

PTE credit

Forum|Forum|4 years ago
May 20, 2022
1 reply
8 views

NYS partnership with 2 partners- one is a NY resident and one is

a NJ resident

Partnership filed a PTE NY extension for 2021 with a payment of $20,000-

($10,000 to be allocated for each partner)

How is the PTE credit shown on their respective K-1's?

What is the entry for recording the payment on the Partnership books?

Credit Cash Debit ?

Thank you for any advise in advance

Lacerte Tax

This topic has been closed for replies.

1 reply

sjrcpa

Level 15

Forum|Forum|4 years ago

May 20, 2022

The Debit is to State Income Tax expense. (Unless you accrued it as of 12/31/21. I'm assuming Cash Basis.)

The more I know the more I don’t know.

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