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PTE credit
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branvilleataolc
Level 1
05-20-2022
01:00 PM
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NYS partnership with 2 partners- one is a NY resident and one is
a NJ resident
Partnership filed a PTE NY extension for 2021 with a payment of $20,000-
($10,000 to be allocated for each partner)
How is the PTE credit shown on their respective K-1's?
What is the entry for recording the payment on the Partnership books?
Credit Cash Debit ?
Thank you for any advise in advance
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1 Comment 1
sjrcpa
Level 15
05-20-2022
02:21 PM
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The Debit is to State Income Tax expense. (Unless you accrued it as of 12/31/21. I'm assuming Cash Basis.)
The more I know, the more I don't know.
