Hi Mike9241, After extensive interview process, Turbo Tax recommended standard deduction as a better option for me. So yes, itemized taxes were already above 10,000 before PTE.
Is PTE supposed to just "extend" or "raise" the SALT 10,000 limit to 10,000 + PTE, hoping it would make my overall itemized deductions higher than the standard deduction option? Or this is completely wrong interpretation of PTE role on federal return?
On Schedule A, taxes I paid (line 5a-d State and Local taxes) were over 10,000. and in line 5e decision was made that I will be capped at 10,000 as smaller of line 5d and 10K - which is correct decision I think.
In addition to entering PTE tax amount in line 13 w on federal Schedule K-1, I have entered Code W detail on Turbo Tax Interview question: I identified this amount as "Taxes and State Income Tax Witheld" , California, and then the amount. This data was in the background fed into Form 1065 Schedule K-1 Partnership Additional information for boxes,....13,... Section Box 13: Other Deductions, Code W: Other Deductions, line 5: State Income tax witheld.
So to answer your question: yes additional information was provided in line 5 of that form.
Dilemma remains why this deduction didn't have any effect on Federal Taxes due.
