PTE tax

Forum|Forum|2 years ago
December 30, 2023
2 replies
22 views

Hi , I have an S-Corp, and I would like to elect for PTE tax, for year 2024 tax return (not for tax return 2023) should I elect it for along with 2023 tax return when it will be filed before March 15 2024.

And as I read its the instruction, the first payment will be June 15, 2024? am I right?

So, I will take this credit on 2024 tax return which will be filed before March 2025, is it correct?

Thanks for your help

Mike9241

Level 15

see the following link PTE is state not federal taxes and different states have different rules

https://www.bdo.com/insights/tax/states-pte-tax-elections-status-and-issues-to-consider#:~:text=Almost%2040%20states%20now%20allow%20pass-through%20entities%20%28PTEs%29,%28SALT%29%20deduction%20limitation%20known%20as%20the%20%E2%80%9CSALT%20cap.%E2%80%9D

then if you need more info regarding your state post back with the name of the state.

Mike9241

Sam HopiAuthor

Level 5

Hi Mike, thanks but my question is very clear so I did not get my answers. ( I formed my S-Corp in California)

PTE tax

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