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- OH IT-4738 PTE tax not reducing federal income
OH IT-4738 PTE tax not reducing federal income
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lorizcpa
Level 2
09-15-2023
11:40 AM
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From what I understand, the OH IT-4738, PTE Tax would be paid at the entity level and therefore reduce federal income. When I choose the IT-4738 in Lacerte, it doesn't change the federal income at all from when I had the IT-4708 (NRWH). I checked to "accrue state tax option 1". Is there something that needs checked somewhere else, or am I misunderstanding the tax?
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sjrcpa
Level 15
09-15-2023
10:06 PM
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Did they pay any OH tax during 2023?
Are they cash basis or accrual for tax purposes?
The more I know, the more I don't know.
lorizcpa
Level 2
09-26-2023
02:31 PM
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They are accrual.
They did not pay any estimates.
