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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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- MD PTE Tax paid for nonresident in 2020
MD PTE Tax paid for nonresident in 2020
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dsocpa
Level 5
02-13-2022
10:46 PM
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I have a fiscal year S corp. I'm trying to file their FY 2020-2021 MD 511 tax return. The company's total federal income is less than the MD income because the add back of the PTE tax. They paid a couple hundred more than what ended up as due so the 511 shows an op on line 18 to apply to next year's estimated tax. All seems good until I try to clear the efile diagnostics errors.
I've tried everything but the error keeps coming back that there is a difference between total income on reported on form 511 (total distributive pro rata share of income) and Schedule B. The difference is the total income MD income. Schedule B shows 2 50-50 shareholders with the total share of income totaling the correct amount.
Note this error does not show up if I just do an error check. Only the Review with efile diagnostics.
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