- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
The PTE paid by the partnership was for State income tax on the partnership income - this deduction is based on State tax rules. The credit doesn't affect your federal tax liability at all.
If you think about it, the partnership doesn't know your marginal tax rate at the federal level, so there isn't a way to prepay your federal income tax. On the other hand, State tax on partnership income is set by the State, so the amount can be estimated and paid by the partnership on your behalf.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎April 6, 2023
1:47 PM