CA PTE elective tax payment - am I doing this right?

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bismarck23
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Joined: Sun Oct 31, 2021 5:37 pm

CA PTE elective tax payment - am I doing this right?

Post by bismarck23 »

Last year was the first year I took advantage of the PTE elective tax option from California,. Let's say the amount was $8,000 (this value and others are rounded), so I paid the entire $8,000 in early 2022 for tax year 2021 with a Form FTB 3893. The tax and the credit appeared on Form 100S lines 29 and 35 respectively, and canceled each other out.

This year, per instructions I paid 50% of the 2022 amount in June ($4,000) also on a Form 3893. I just finished my 2022 CA corporate return and the PTE elective tax amount is $10,000. So I have $10,000 on Form 100S line 29, $4,000 on line 35, and total income tax due of about $6,300 (plus $300 of franchise tax also owed) on line 40.

The question is, is it okay to to just pay this $6,300 with the filing of the tax return? I'm using H&R Block business tax software and it gives an option to enter checking account information to pay the tax owed when filing. Or, do I have to pay the remaining portion of the PTE elective tax ($6,000) separately, on a Form 3893 via Webpay, before filing the CA return, and then pay the remaining $300 while filing? Thanks in advance!
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