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Get your taxes done using TurboTax
I'm using Turbo Tax desktop. The deduction is a SALT/PTET (State and Local Tax/Pass Through Entity). The deduction came into existence through a new law passed in my state (Indiana) in the middle of 2023 that was retroactively applied to the entire 2023 tax year. It is supposed to be deducted from my federal taxable income, added back as income for my state tax return, and counted as state tax withheld. I think I could enter it as a Non-Passive K-1 loss on Schedule E, but it's not actually an expense but a deduction from my take-home pay. At any rate, the software is not letting me enter it manually on Schedule E. I can't see any other way to get it subtracted from the total Ordinary Business Income listed on Line 1.
March 12, 2024
4:46 AM