CA PTE Tax and CA TMT

[amec]

Does the Lacerte tax planner calculate the CA TMT limitations related to the pass through entity tax credit that is beginning with 2021?

[sjrcpa]

https://proconnect.intuit.com/community/lacerte-tax-discussions/discussion/california-passthrough-en...

[amec]

Yes, I saw that after the fact, but it does not directly answer the question - does the Lacerte Tax Planner make these calculations?

I have not tested it.

[George4Tacks]

Based on that other discussion, I truly doubt that it does. You can post it as a suggested improvement at https://proconnect.intuit.com/community/lacerte-tax-idea-exchange/idb-p/604 but don't hold your breath waiting for any of these ideas to be implemented. I could not find a similar idea posted there. 

[sjrcpa]

Spreadsheets will be our friends.

Unless TaxTools that George @George4Tacks , Anna @abctax55 , and others recommend does these calcs. Don't know if it does state stuff.

[abctax55]

CFS TaxTools is based in CA, and their California tax planner is rather good.

I haven't checked to see how/if it's handling this newest CA wrinkle.

@amec 

You can download & use the software as a demo; consider giving it a try.

taxtools.com  

[amec]

Thank you! I'll give that a shot.

[abctax55]

@amec 

And let us know how it works, please.. 😊

[amec]

CFS Tax Tools does seem to work. It is limiting the credit based on the CA TMT.

[sjrcpa]

Thanks for reporting back.

[abctax55]

@amec 

That's good info, thanks for the follow-up.   Guess I better down load the update & start some number crunching 😁