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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
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- Idaho Form 39R Credit for taxes paid to another state
Idaho Form 39R Credit for taxes paid to another state
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RoamingCPA
Level 3
03-12-2023
03:26 PM
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Have a full year ID resident that has investments in out of state K-1s for partnerships There are PTE payments on the K-1s applicable to the the other state. Lacerte is calculating the ID credit based on NET tax after the PTE from the other state. It looks like the Form 39R instructions also say the credit for taxes paid to another state are net of all credits. Has anyone run into this issue?
2 Comments 2
RoamingCPA
Level 3
03-15-2023
11:52 AM
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Then, based on what I am seeing, the client would have been better off not having the PTE as they are not only paying tax to the other state they are paying tax to ID for almost the same amount, which in the past they have not had.
Are there any ID preparers that would have any insight on this, is Lacerte calculating this correctly?
