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J
Janene
Level 2
September 12, 2023
Question

How does one prepare a 1040 and accurately report the SALT taken from a PTE in Proconnect?

  • September 12, 2023
  • 2 replies
  • 10 views
I took a the State Income Tax on the 1120S and now I cannot figure out how to report that on the owner's 1040. Help!
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2 replies

abctax55
abctax55
Level 15
September 12, 2023

The credit for the state taxes paid by the entity goes on the State return, as a payment.

(edit.... my comment applies to California.   Rick points out other states do it differently.)

HumanKind... Be Both
rbynaker
rbynaker
Level 13
September 12, 2023

It might help if you say which state.

There are generally two approaches, some states give a credit for the tax paid at the PTE level, other states exclude the income already taxed at the PTE level.  Either way *something* should probably flow through on a state-K1, where that gets entered I have no idea (and likely it depends on the state).

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