CA PTE credit still using the TMT even though SB113 was approved Feb 9th, 2022

[Sam Hopi]

Hi AliciaP1, I have an S-corp, and I would like to apply 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?

Thanks for your help

[Sam Hopi]

Hi AliciaP1, I have an S-corp, and I would like to apply 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, by this I can take this credit for 2024 tax return when will be filed before march 15 2025? Is it correct?

Thanks for your help

[DaveF1006]

Assuming you wish to make this election in the State of California for tax year2024, the first payment will be due June 15, 2024. If this payment is made, you will be eligible for the non--refundable credit you will claim on your 2024 individual tax return

You will make this election this year on your 2023 California S-CORP tax return. Please read this for further information.

@Sam Hopi

[MANI1346]

Thanks Dave, Per your response, if I want take PTE for 2024 tax tear, I should file 3804 in California part for 2023 tax return and find out how much should be for first and second payment; then two payments must pay on due in 2024. Is it true?

[DaveF1006]

Yes, you would make this election and file 3804 on your 2023 tax return.

@MANI1346 

[Sam Hopi]

Thanks for your response.