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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- CA PTET AND OTHER STATE TAX CREDIT ON FORM 540
CA PTET AND OTHER STATE TAX CREDIT ON FORM 540
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sariscpa
Level 4
03-18-2023
10:40 PM
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In 2022 the client has PTE tax paid and credits for other state taxes paid. Tax is $158,000. Other state credits (code 187) is $50,000. PTE paid is $159,000. On the 540 the other state credits first reduce the tax (code 187) and then on line 45 the PTE uses up $108,000 and reduces the remaining tax to zero. He should have 51,000 carryover to 2023. Schedule P(540) shows the carryover on line B4 column (d) of $51,000. But Schedule 3804-CR line 4 shows the entire PTE as being used up. It shows credit claimed for 2022 is $158,000. There is no way to override it either. Any ideas?
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