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New Member

To Strongsilence-CPA

I read over the FTB website, which you quoted in your top post. It says under the question "who is a qualified taxpayer?" and the answer includes:

A disregarded single member LLC that is owned by an individual.

Later is says on the same FTB website under the question "A qualified taxpayer is NOT a Disregarded business... EXCEPT FOR A DISREGARDED SINGLE MEMBER LLC THAT IS OWNED BY AN INDIVIDUAL".

I agree that it is a bit confusing, but according to the FTB website, there are 2 places where it says a SMLLC that is owned by an individual DOES qualify for PTE election. Please give a site or some reference that contradicts this position.

Based on this, I have manually calculated the 2024 PTE estimate for the SMLLC and manually included those instruction in the client cover letter since Lacerte does not have an option available.

Thank you for your help