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K
khunsandy
Level 3
August 8, 2023
Question

Does this seem correct that the PTET tax credit from VK-1 that was entered in schedule CR showed up in schedule adj. and line 2 - addition to increase total income.

  • August 8, 2023
  • 1 reply
  • 16 views
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1 reply

sjrcpa
sjrcpa
Level 15
August 8, 2023

Are these references to a VA return?

While PTET tax is deductible at the federal level, most states do not allow a deduction for state income tax - PTET or other.

The more I know the more I don’t know.
    K
    khunsandyAuthor
    Level 3
    August 8, 2023

    Yes, it's for VA personal tax. I got that it cannot be deduct but I only took credit so I don't get it as to why it increases income.

    sjrcpa
    sjrcpa
    Level 15
    August 8, 2023

    Because it was deducted to arrive at K-1 income it needs to be added back on the VA return.

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