CA PTE for 2022 return

[Drphibes]

So, my first PTE.  It is for an CA S-Corp cash basis.  The payment with the current 2022 year return and the 2023 estimate will both be a Federal deduction for 2023 since that is when they are being paid but the credit to the State of CA is on the 2022 CA K-1.  Is that how it is supposed to go?  Thanks in advance.

[TaxGirl3]

Sounds right. 

But you made the required initial payment by June 15, 2022, correct?  

[abctax55]

PTE (PEET) payments are deductible in the year PAID (no matter what year the payment is for) on the Federal return only.

But, if a payment (either $ 1000, or 50% of the prior year PEET - which ever is greater) was not made by 6.15.22 your client isn't eligible for PEET for the 2022 return.

[Drphibes]

I was under the impression that all CA payments, including PTE, were pushed out to Oct 16th.  Can someone point me to where this is not the case please.  Thanks in advance.

[Drphibes]

Just pulled from the FTB website:

Pass-Through Entity (PTE) Elective Tax Payments Due October 16 

As a reminder, there are two payment due dates for the PTE elective tax. The first payment is due on or before June 15, during the taxable year of the election. The amount due is $1,000 or 50% of the elective tax paid for the prior taxable year, whichever is greater. The remaining amount is due on or before the due date of the original return without regard to extensions.  

Due to the 2022-2023 winter storms, individuals and businesses located in California (except for those located in Lassen County) generally qualify for an extension until October 16, 2023, to file and pay taxes. This extension applies to applicable payments of the PTE elective tax.  

[sjrcpa]

Perhaps "The first payment is due on or before June 15, during the taxable year of the election"

That would have been June 15, 2022.

[abctax55]

"....pushed out to Oct 16th."

Not for payments due June 2022 - which was long before we had any inkling of the Dec 2022/Jan - Feb 2023 storm cycle from h*((.