What Category to use for S-Corp PTE-150 Payments?
pratik Member ✭✭
edited March 25 in Business and Rental Property Tools (Windows)
I own a small biz and currently don't know the category and line item to record PTE-150 Estimated Payments.
it really doesn't matter what Category you use, as long as you know what that Category is for and then enter it appropriately on the Federal 1120-S tax form and the New Jersey Form CBT-100 or Form CBT-100U. You could simply create a new Category (or SubCategory of any existing Tax Category) called "New Jersey S-Corp Estimated Taxes."
- Is absolutely not designed to do the accounting for an S-Corp and,
- Has no knowledge or understanding of any State's income tax law
Ps56k2 SuperUser ✭✭✭✭✭pratik said: I own a small biz and currently don't know the category and line item to record PTE-150 Estimated Payments.just to clarify - where are you located ?.... as several states have their own PTE info -In response to the $10,000 federal cap placed on deducting state and local taxes (SALT) , some states are enacting optional pass-through entity taxes as a workaround to the cap. The elective taxes allow eligible pass-through entities to deduct state taxes at the entity level for federal tax purposes, while providing a credit or income exclusion to the entity owners for state income tax purposes .QWin Deluxe Subscription - Win100
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