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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- NJ-PTE for S-Corps and Partnerships
NJ-PTE for S-Corps and Partnerships
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Michael1000
Level 2
09-08-2022
08:51 PM
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Does the NJ Pass-Through Business Alternative Tax deduction (BAIT or generically PTE) get added back at the entity level for either S-Corps or Partnerships? It doesn't seem clear from the instructions. The closest thing I found to an add back was on the CBT-100-S, Page 4, Line 35, Taxes paid by the corporation on behalf of the shareholder. Was this line meant to add back the PTE tax paid on behalf of the shareholder? I couldn't find anything specific for the NJ-1065 in the instructions. I doesn't look like there is an add back at the individual level. For instance NY adds back the credit claimed dollar for dollar at the individual level.
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