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- CA PTE Not being allowed against TMT - Anyone else? How to fix?
CA PTE Not being allowed against TMT - Anyone else? How to fix?
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fulswater
Level 1
03-13-2022
03:27 PM
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I have clients who are taking the CA PTE and on their personal return when I enter in the credit into the K-1 input, it populates correctly on the form, but is being limited to tentative minimum tax on the SCH. P. My understanding is that the law changed 2/9/22 to allow this credit to be used against tentative minimum tax and should be fully allowable (to the extent there is a tax to offset).
Is anyone else running into this issue?
TIA
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Eric9
Level 1
03-27-2022
12:19 PM
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I have the same issue. Gov. Newsom signed AB 87 on February 9, 2022. The PTE tax credit now can reduce net income tax below the tentative minimum tax. Looks like ProSeries has not fixed their software.
