MO Partnership PTET

[michaelmars]

Anyone have some expertise in Missouri taxes?  I know the ptet is new this year and I can't figure out how to make the estimated payments.  On line they tell how to do so for an S corp but not for a 1065.  This client is 1 shot deal with St Louis capital gains of 2.5mil

[mcbreck]

An estimated tax payment is not required to be made.

 

https://dor.mo.gov/faq/taxation/business/entity-tax.html

 

They need to pay the tax on the 1065 (make the election) and pass thru the credit.

[michaelmars]

but on a cash basis taxpayer, they won't get the reduction to next year and this is just a one shot deal.  their won't be a tax return for 2023.

[mcbreck]

1 hour ago, michaelmars said:

but on a cash basis taxpayer, they won't get the reduction to next year and this is just a one shot deal.  their won't be a tax return for 2023.

Maybe I'm confused. Are they filing a 2022 tax return showing this capital gain via the 1065?

[michaelmars]

On 12/15/2022 at 1:58 PM, mcbreck said:

Maybe I'm confused. Are they filing a 2022 tax return showing this capital gain via the 1065?

yes, in 2022 they have a capital gain on a piece of property so i want the payment to show on the 2022 federal return.