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PTET and TMT for California Tax Payers
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Bill Harrison
Level 1
03-20-2022
04:56 PM
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AB 87 (signed 2/9/22) says the PTE tax credit can now reduce net income tax below the California TMT. Is anyone else having problems with this? Will this be updated by Lacerte?
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2 Comments 2
KJSCWM
Level 2
03-22-2022
05:02 PM
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Lacerte announced ~4wks ago when SB113 passed that they were waiting on FTB to update forms and that they'd push through an update. An alert should show up in our software when that change has taken effect. I haven't gotten to my affected clients yet to check.
Bill Harrison
Level 1
03-22-2022
07:38 PM
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Thank you! Good luck with the rest os Tax Season!! Bill
