I am not sure how you reported this but this amount should have reduced your California Tax but not your federal. Here is how it should have been correctly reported. if you reported this in the estimated tax section in your federal return, this is incorrect. Here is how it should have been reported. You would not enter this as an estimated tax paid in your state return either.
If you entered a K1 in your federal return, there will be questions that will generate when you begin your California state Return. As you navigate through your state return:
- You will reach an entry that is entitled Partnership Schedule K-1 Summary. Select edit next to the K1. There will be some preliminary questions to enter.
- Then go to Partnership K-1 Adjustments. Continue past the first page, to go to the second page in the adjustments screen.
- In the second page, scroll to the section where it says credits and there will be a entry to make that says 15f-Form 3804-CR Pass-Through Entity Elective Tax Credit. This includes the AB 150 payment if you took the election.
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