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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.
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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- 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.
