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PTE Credit on Fiduciary Return
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JkG
Level 1
03-08-2024
11:36 AM
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According to my discussion with the California Franchise Tax Board, on a final trust tax return any unused PTE Credit carryforward is refundable. Unfortunately, the credit is normally not refundable so there is no where in the software to force the refund.
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JkG
Level 1
03-11-2024
10:13 AM
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I made a second call to the FTB practitioner hotline and confirmed that the unused PTE credit is fully refundable on the final trust return. A Lacerte rep spent over an hour trying to figure this out. She said that since this credit only gets applied against tax in a normal year, the software won't allow it to flow to page 1 without a tax liability to offset. Please add a field to the software to allow for this. In the meantime, I will file on paper and fill out the 3804-CR by hand as well as page 1 of form 541.
