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After you file
Here are the steps for both an LLC and a Partnership Form 1065 (they are different forms in California).
LLC:
- On the California Information Worksheet, check the box just above Part III "Form 3804 Pass-Through Entity Elective Tax" and use the QuickZoom link to open Form 3804.
- On Form 3804, check the box for identification number you wish to use (typically FEIN). Note the total tax on Line 3.
- Open Form 3893 (PTE) and check the box to activate the form. Enter the total tax to be paid from Form 3804 Line 3 to the bottom of Form 3893.
- Open Sch K-1 Wks and check the box for each partner to indicate consent to use Form 3804.
- Open Form 568 p5-6 and scroll down to Credits Line 15f. Enter a description for the PTE Tax Credit from Form 3804 and the total amount in the middle column. This step will allocate the tax credit to all Schedules K-1.
- Review each California Schedule K-1 Line 15f to confirm the allocated amount matches Form 3804. The supplemental information is presented under Line 22.
Partnership:
- On the California Information Worksheet, check the box just above Part III "Form 3804 Pass-Through Entity Elective Tax" and use the QuickZoom link to open Form 3804.
- On Form 3804, check the box for identification number you wish to use (typically FEIN). Note the total tax on Line 3.
- Open Form 3893 (PTE) and check the box to activate the form. Enter the total tax to be paid from Form 3804 Line 3 to the bottom of Form 3893.
- Open Sch K-1 Wks and check the box for each partner to indicate consent to use Form 3804.
- Open Form 565 p5-6 and scroll down to Credits Line 15f. Enter a description for the PTE Tax Credit from Form 3804 and the total amount in the middle column. This step will allocate the tax credit to all Schedules K-1.
- Review each California Schedule K-1 Line 15f to confirm the allocated amount matches Form 3804. The supplemental information is presented under Line 22.
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‎April 1, 2022
7:03 AM