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M
mmmconsultingservices
Level 3
April 13, 2024
Solved

Partnerships and Estimated Tax Payments

  • April 13, 2024
  • 1 reply
  • 9 views

I think I know the answer but wanted to see if I am wrong here. First, I have a partnership and we record tax payments estimates as a debit to Equity (Tax Estimates) / Credit Cash. Is this actually considered an Owner Distribution? I was reading and it said that Tax Payments aren’t included in the calculation for Partner Capital M2 but then my balance sheet doesn’t balance in Schedule L. 

    This topic has been closed for replies.
    Best answer by sjrcpa

    Those estimated tax payments are distributions/draws.

    1 reply

    sjrcpa
    sjrcpa
    Level 15
    April 13, 2024

    Are these state PTET payments?

    State nonresident withholding payments?

    Federal estimated tax payments for the Partners?

    The more I know the more I don’t know.
    M
    mmmconsultingservicesAuthor
    Level 3
    April 14, 2024

    I suppose that would help! They are Federal Estimated Payments for the Partners

    M
    mmmconsultingservicesAuthor
    Level 3
    April 14, 2024

    What is also causing an issue is that my Schedule L capital is different than the M2 because of book to tax differences in depreciation (because Net Income is tax basis) and those payments. 

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