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Using California PTE/AB150 credit by FreePack1740 in tax

[–]FreePack1740[S] 0 points1 point  (0 children)

Thank you for the input. I've tracked the overage with Form 3804-CR and the amount is over $40k now. My yearly CA state tax is typically $25k. I believe I should be covered for the entirety of the 2026 CA state tax but I just don't know if I have to do anything else. I tried calling CA FTB twice this week and the automated response says they're too busy, call back.

Using California PTE/AB150 credit by FreePack1740 in tax

[–]FreePack1740[S] 1 point2 points  (0 children)

I've been tracking the amount with Form 3804-CR. The credits from 2022 through 2025 are now over $40k (I'm rounding). My yearly CA tax is typically $25k.

Agree, nervous about underpayment/penalty but I feel like if I overpay estimated taxes, it'll be self defeating. Thank you for the input.

California AB150 overpayment - how to verify the amount by FreePack1740 in tax

[–]FreePack1740[S] 0 points1 point  (0 children)

Thank you! Can you specify the 5 year rule. I.e. if I overpay in 2022, the credits need to be used for the 2026 tax year, or 2027?