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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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California PTE and Partners Health Insurance
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altoids
Level 1
02-01-2022
08:01 PM
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Lacerte is calculating the CA Qualified Net Income by deducting the Partners Health Insurance (Line 13E, Schedule K) from Ordinary Income (Line 1).
But you had to deduct the partners health insurance to get to Ordinary Income (Line 1). Lacerte wants you to include partners health insurance in guaranteed payments, and the entirety of the guaranteed payments is deducted on the California 565, Line 14.
It seems like Lacerte is deducting the health insurance twice to arrive at the CA qualified net income for the PTE calculation.
Do I have this right, or is something I'm missing?
Any insight would be much appreciated!
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