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In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
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- Where does the AZ PTE add-back and tax credit flow get input in the shareholders 1040? It is NOT importing with the K-1?
Where does the AZ PTE add-back and tax credit flow get input in the shareholders 1040? It is NOT importing with the K-1?
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LKRCPA
Level 2
03-12-2023
11:10 AM
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3 Comments 3
itonewbie
Level 15
03-12-2023
12:32 PM
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Not every single line item from K-1 can be picked up automatically and will flow without user intervention. State-specific items such as this would be among those you need to decide where and how to make an input.
Reading the filing instructions and publications always help. If you did, you'd know that it should go to AZ 355. From there, it'd flow to AZ 301. At last, the allowable portion will flow to AZ 140.
This means you will need to make the input on State & Local > Other Credits > AZ Credits 355.
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Still an AllStar
Still an AllStar
LKRCPA
Level 2
03-12-2023
12:40 PM
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Thank you, kind of.
I know where it is supposed to go and I had found the actual input for the Form 355. However, I had trouble finding the input for the add-back 140, pg 5, line P.
The add-back is at State and Local/Modifications/AZ Modifications/"entity-level income tax payment" NOT "Addition to S-Corp income due to pass-through credits" (that goes to Line G(b)).
FYI, the credits are input at State & Local/Other Credits/AZ Credits 355.
