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FTB ANNUAL TAX

Tiana
Level 1

My client meets Exceptions to the first year FTB annual tax. How to remove the default calculated by the system Lacerte. It's line 21 of 100S

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Karl
Level 8
Level 8

Screen 42.011 checkbox (code 16) "Initial return in California"

FYI to be clear, the exemption is only for the minimum $800 franchise tax.  There is still a franchise tax of 1.5%, so if your client was profitable in year 1, there will still be some franchise tax.

*If this (or another answer/reply) solves your problem, please click "Accept as Solution" to get this post out of the "Unanswered" queue of posts.*

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1 Comment 1
Karl
Level 8
Level 8

Screen 42.011 checkbox (code 16) "Initial return in California"

FYI to be clear, the exemption is only for the minimum $800 franchise tax.  There is still a franchise tax of 1.5%, so if your client was profitable in year 1, there will still be some franchise tax.

*If this (or another answer/reply) solves your problem, please click "Accept as Solution" to get this post out of the "Unanswered" queue of posts.*
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