- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
I may stand corrected. but I question why it's on line 13 rather than a deduction against business income directly on the k-1 which was ruled on . then I would guess to avoid a double benefit at the state level it would be an add-back and then you get a credit for it.
whether every state PTE qualifies depends on whether it meets the terms specified in IRS notice 2020-75. Part 3.02(3) says it's not a separately stated item so you need to ask the preparer why it was separately stated since proper treatment would seem to be a deduction directly on line 1, 2 or 3 whichever applies.
‎October 12, 2023
12:34 AM