TAXES PAID BY PASS THROUGH ENTITY FOR SHAREHOLDERS

[Horseaddict]

Please help me to locate the form to reflect taxes paid for state income taxes by a pass through entity for shareholders.  Also is it "entity level taxes"?

[IRonMaN]

Saying what state might improve your odds of getting a helpful answer 

[abctax55]

IF you are talking about where it comes from, so you can enter it on an individual tax return... try finding in on the STATE K-1 issued by the entity.

[Horseaddict]

I am working on New Mexico.  The S-Corp is paying the state income tax for the 4 shareholders, but I can't find where or how to enter the taxes paid.

Thank you

[Horseaddict]

I'm doing the 1120s for the corporation.  Trying to enter taxes paid on behalf of the shareholders.

[sjrcpa]

Is it nonresident withholding or Pass Through Entity Tax?

[Horseaddict]

All residents are New Mexico.

[abctax55]

Ah... Susan's been going to the new mind-reading classes 😉

[sjrcpa]

Pass Through Entity Tax is an entity level tax.

On the federal return it gets deducted on the Taxes line. That's the point of PTET, to get around the $10K SALT limit for individuals.