@PatriciaV Thank you for your great help on this one.
I observed your input on several threads of the similar PTET topic. It helped a lot.
I also have a follow up question. What are the relevant output (forms) from the business tax return which I may bring to my individual tax return preparation?
For example, I have a S-Corp located in California. I prepared 1120S and 100S for my business tax return.
The K-1 (with a reduced income amount by the PTET payment amount) will be used for my individual Federal tax return 1040.
How about my individual state income tax return 540 side?
What form coming out of my business tax return should be used for my individual state income tax return? i.e. which form to be used to claim the state tax credit out of PTET in my individual state income tax return? Is it form 3804 or some other form?
Thanks.
Andrew
