I am in California and I missed doing the pass through elective tax for 2024 but did do it for 2023. I did make estimated state payments for 2024 in January 2025. How do I rectify
In California, the Pass-Through Entity (PTE) elective tax allows certain pass-through entities to pay state taxes at the entity level, potentially providing a federal tax benefit to their owners. If you missed making the PTE election for 2024, here's what you can do: 1. **Understand the Election Deadline**: The PTE election must be made annually on or before the original due date of the entity's tax return, without regard to extensions. For calendar-year entities, this is typically March 15th. 2. **Review Your Payments**: Since you made estimated state payments in January 2025, ensure these payments are correctly applied to your account. These payments might be used for your personal state tax liability if the PTE election wasn't made. 3. **Consult with a Tax Professional**: Given the complexity and potential implications, it's wise to consult with a tax professional. They can help determine if there's any possibility of making a late election or if any corrective actions are available. 4. **Consider Future Elections**: While you may not be able to rectify the missed election for 2024, ensure you are prepared to make the election for 2025. Mark your calendar for the deadline and ensure all necessary steps are taken in advance. 5. **Communicate with the FTB**: If there are any discrepancies or if you need clarification on how your payments are applied, contact the California Franchise Tax Board (FTB) for assistance. Unfortunately, if the
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