Where on a federal tax return do you get to deduct the ptet
The Pass-Through Entity Tax (PTET) is an elective state tax on pass-through entities such as S corporations, partnerships, and some LLCs. It was created as a workaround to the federal $10,000 cap on state and local tax (SALT) deductions that was established by the Tax Cuts and Jobs Act of 2017. If you're eligible and have elected to pay the PTET in your state, the deduction for the federal income tax return is not taken as an itemized deduction on Schedule A, which is subject to the SALT cap. Instead, it is typically taken as a deduction on the federal tax return of the pass-through entity itself, reducing the entity's ordinary income, and thereby reducing the income passed through to the individual owners. The specific line where the PTET deduction is reported can vary depending on the type of federal tax return form the pass-through entity is filing: - For Form 1065 (Partnerships), the deduction would generally be reported on Schedule K, line 13, with a reference code "W" for "Other deductions." - For Form 1120-S (S Corporations), the deduction would be reported on Schedule K, line 12, with a reference code "W" for "Other deductions." The individual owners or shareholders would then report their share of the income and deductions on their individual tax returns (Form 1040 or 1040-SR), and the PTET payment would effectively reduce their pass
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