Vlee
Level 1
05-27-2022
12:59 PM
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If an entity did not participate in the PTE program in 2021 year but wishes to do for 2022 year, how much does the entity need to pay?
FTB says $1000 or 50% of prior year PTE tax liability. Does this mean that the prior year tax liability is zero and this entity can just pay $1000 before 6-15-2022 to be in ?
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abctax55
Level 15
05-27-2022
02:22 PM
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Directly from the FTB website.... ya' left out a key phrase (paid in the prior year😞
| On or before June 15th of the taxable year of the election | Payment 1 Pay $1,000 or 50% of the elective tax paid in the prior taxable year, whichever is greater. |
HumanKind... Be Both
