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Federal Deduction of IL PTE paid
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commander24
Level 3
01-14-2022
12:37 PM
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I know how to report IL PTE on the business return (1065 or 1120s) on IL. What I don't know is how you deduct it on the federal return? Is it deducted on the federal 1065 or federal 1120 and then m-1? Is it deducted on the 1040 and how to do you enter it on the 1040?
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sjrcpa
Level 15
01-14-2022
01:04 PM
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It's deducted on the 1065 or 1120S as Taxes.
The more I know, the more I don't know.
