PTE tax

[Sam Hopi]

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]

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=Almo... 

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

[Sam Hopi]

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

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