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California PTET on Form 568
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Lord Happy
Level 5
01-15-2023
01:14 PM
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Happy day,
I am always open to being wrong and welcome correction, so here we go. I have a CA LLC with only rental and interest income. Not all members participated in the PTET for 2022. During 2022, the LLC timely paid the estimated PTET amounts for 2022.
I am now entering the return. On the 1065, I entered the PTET on 8825 as taxes paid, then made an SA to reduce the rental income for participating members so that their K1 would reflect their income net of the tax payments those members made.
On the 568, I followed the instructions on how to create the credit on the CA K1: https://proconnect.intuit.com/support/en-us/help-article/state-taxes/california-pte-tax-proseries/L1...
The CA 8825 correctly, I think, does not show the PTET in 10a.
However, the CA K1 net rental income is wrong as it is feeding off the Fed, and I keep looking for a way to add the PTET paid back to rental income for CA purposes because those taxes would not be deductible in the state in which they were paid. And this is where I get screwed up and throw myself at the mercy of the smarter and more savvy people here.
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