I received a federal K-1 with a PTE Tax deduction listed on line 13. Why does this not reduce my 1040 federal tax liability amount after I entered the balance? I thought PTE tax is a business deduction of the pass-through entity issuing the K-1 and thereby also reduce income on my K-1. However, it seems to have no effect on my taxes. Is there a particular way I need to enter this amount?
