Please help me to locate the form to reflect taxes paid for state income taxes by a pass through entity for shareholders. Also is it "entity level taxes"?
Saying what state might improve your odds of getting a helpful answer
IF you are talking about where it comes from, so you can enter it on an individual tax return... try finding in on the STATE K-1 issued by the entity.
I am working on New Mexico. The S-Corp is paying the state income tax for the 4 shareholders, but I can't find where or how to enter the taxes paid.
Thank you
I'm doing the 1120s for the corporation. Trying to enter taxes paid on behalf of the shareholders.
Is it nonresident withholding or Pass Through Entity Tax?
All residents are New Mexico.
Ah... Susan's been going to the new mind-reading classes 😉
Pass Through Entity Tax is an entity level tax.
On the federal return it gets deducted on the Taxes line. That's the point of PTET, to get around the $10K SALT limit for individuals.
