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- How does one prepare a 1040 and accurately report the SALT taken from a PTE in Proconnect?
How does one prepare a 1040 and accurately report the SALT taken from a PTE in Proconnect?
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Janene
Level 2
09-12-2023
04:55 PM
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I took a the State Income Tax on the 1120S and now I cannot figure out how to report that on the owner's 1040. Help!
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2 Comments 2
abctax55
Level 15
09-12-2023
05:22 PM
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The credit for the state taxes paid by the entity goes on the State return, as a payment.
(edit.... my comment applies to California. Rick points out other states do it differently.)
"*******Tax software is no substitute for a professional tax preparer*******
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rbynaker
Level 13
09-12-2023
05:23 PM
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It might help if you say which state.
There are generally two approaches, some states give a credit for the tax paid at the PTE level, other states exclude the income already taxed at the PTE level. Either way *something* should probably flow through on a state-K1, where that gets entered I have no idea (and likely it depends on the state).
