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CA PTE Tax for S Corp

Level 5

Hi, basic question but if S corp paid $1000 CA PTE tax by June 15th 2022, and is paying the remainder ($11K) on 3/15/23, should I enter $12K on the federal tax return as state income tax deduction? This is the first year of PTE election.

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1 Comment 1
Level 15

The $ 1000 PAID in 2022 is all that is deductible in 2022.  The $ 11000 will be deductible when paid, in 2023.   Even for accrual tax returns.   

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