What Category to use for S-Corp PTE-150 Payments?

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pratik
pratik Member ✭✭
edited March 2023 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.

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  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
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    Since Quicken:
    1. Is absolutely not designed to do the accounting for an S-Corp and,
    2. Has no knowledge or understanding of any State's income tax law
    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."

  • Ps56k2
    Ps56k2 SuperUser ✭✭✭✭✭
    edited February 2023
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    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 - R54.16 - Win10

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