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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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- PTE Credit on Fiduciary Return
PTE Credit on Fiduciary Return
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JkG
Level 1
03-08-2024
11:36 AM
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According to my discussion with the California Franchise Tax Board, on a final trust tax return any unused PTE Credit carryforward is refundable. Unfortunately, the credit is normally not refundable so there is no where in the software to force the refund.
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JkG
Level 1
03-11-2024
10:13 AM
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I made a second call to the FTB practitioner hotline and confirmed that the unused PTE credit is fully refundable on the final trust return. A Lacerte rep spent over an hour trying to figure this out. She said that since this credit only gets applied against tax in a normal year, the software won't allow it to flow to page 1 without a tax liability to offset. Please add a field to the software to allow for this. In the meantime, I will file on paper and fill out the 3804-CR by hand as well as page 1 of form 541.
