Does anyone know how to enter AB150 paid to the State of California for 2022 into the TT software? Thank you

[DaveF1006]

To clarify, is this for business software or individual software where you received a K1?

[dbekkerman]

Thank you for the follow up 🙂

It is for the Individual

[DaveF1006 · Accepted solution]

If you entered a K1 in your federal return, there will be questions that will generate when you begin your California state Return. As you navigate through your state return:

1. You will reach an entry that is entitled Partnership Schedule K-1 Summary. Select edit next to the K1. There will be some preliminary questions to enter.
2. Then go to Partnership K-1 Adjustments. Continue past the first page, to go to the second page in the adjustments screen.
3. In the second page, scroll to the section where it says credits and there will be a entry to make that says 15f-Form 3804-CR Pass-Through Entity Elective Tax Credit. 

@dbekkerman 

[dbekkerman]

hi Dave. Thank you for your reply 🙂 I had a hectic day yesterday but I would give it a try and let you know if that works out 🙂

[dbekkerman]

IT WORKED !!!! Thank you DAVE 🙂 You are awesome !!!

[andrew0071]

Should payment amounts made for AB150 during 2022 also be inputted into "Estimated Taxes Paid" section of TT state tax return? If there is "overpayment" to AB150, where can you see the "credit" amount to be applied for the following year? Greatly appreciate your help... thank you!

[DaveF1006]

If you entered a K1 in your federal return, there will be questions that will generate when you begin your California state Return. As you navigate through your state return:

1. You will reach an entry that is entitled Partnership Schedule K-1 Summary. Select edit next to the K1. There will be some preliminary questions to enter.
2. Then go to Partnership K-1 Adjustments. Continue past the first page, to go to the second page in the adjustments screen.
3. In the second page, scroll to the section where it says credits and there will be a entry to make that says 15f-Form 3804-CR Pass-Through Entity Elective Tax Credit. 

@andrew0071 

[andrew0071]

Hi Dave, thank you for your response.  I did what you outlined and "tax due" at the top of TT came up 0.  However, how does TT account for over payment of AB150 and where on TT does this show?

[mctien]

@andrew0071 No, unless you made actual estimated tax payments to CA, you do not enter the CA AB150 amount there. I'm not sure how the credit shows up for next year since this is the first year I'm using it but I am recording it so I know how much credit I have for next year. Keep in mind the carry forward only is good for up to 5 years so if you don't use it all up by then, it expires (you lose it).  @DaveF1006  Do you know about how to use the credit for future years in TT?

[mctien]

@andrew0071 Looks like TT should automatically file form 3804-CR with you CA return. You can see it under forms view, and it should show you how much credit you have left over this year to use for next year. 

[andrew0071]

Business, its a partnership k1.

[Cynthiad66]

Per our Expert DaveF1006 follow the steps below.

If you entered a K1 in your federal return, there will be questions that will generate when you begin your California state Return. As you navigate through your state return:

1. You will reach an entry that is entitled Partnership Schedule K-1 Summary. Select edit next to the K1. There will be some preliminary questions to enter.
2. Then go to Partnership K-1 Adjustments. Continue past the first page, to go to the second page in the adjustments screen.
3. In the second page, scroll to the section where it says credits and there will be a entry to make that says 15f-Form 3804-CR Pass-Through Entity Elective Tax Credit. 

@andrew0071