Where Do I Enter the California PTE Elective Tax Credit?
Desktop · Written guide Content date 1 min read
A qualified taxpayer is eligible to claim on their California individual tax return a nonrefundable credit for the amount of tax paid on their pro rata or distributive share from a passthrough entity as well as guaranteed payments. Unused PTE credits can be carried over for up to 5 years.
To enter the California PTE Elective Tax Credit in the California individual tax return in Tax Processors Plus Desktop, from the California Tax Return Menu select:
- Total CA Nonrefundable Credits
- Schedule P - Additional Credits
- Section A - Credits That Reduce Excess Tax
- Credit (1) (Code)
- Credit (1) (Code)
- 242 - PTE Elective Tax - Enter the amount of the credit showing on the California Schedule K-1.
Additional Information: