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- If an entity did not participate in the PTE program in 2021 year but wishes to do for 2022 year, how much does the entity need to pay
If an entity did not participate in the PTE program in 2021 year but wishes to do for 2022 year, how much does the entity need to pay
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Vlee
Level 1
05-27-2022
12:59 PM
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If an entity did not participate in the PTE program in 2021 year but wishes to do for 2022 year, how much does the entity need to pay?
FTB says $1000 or 50% of prior year PTE tax liability. Does this mean that the prior year tax liability is zero and this entity can just pay $1000 before 6-15-2022 to be in ?
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abctax55
Level 15
05-27-2022
02:22 PM
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Directly from the FTB website.... ya' left out a key phrase (paid in the prior year😞
| On or before June 15th of the taxable year of the election | Payment 1 Pay $1,000 or 50% of the elective tax paid in the prior taxable year, whichever is greater. |
"*******Tax software is no substitute for a professional tax preparer*******
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