Anybody out there up to speed yet with AZ's PTE credit for 2022?
I have an S-Corp with $500K of taxable income that is apportioned 20% to AZ and 80% to CA.
* 50% shareholder is an AZ resident
* 50% shareholder is a CA resident
How is the 4.5% tax calculated in this case?
Does the PTE meet the $150K taxable income threshold requiring the prepayment of the tax?
And since the payments are waived for Q1 & Q2, does that mean you need to pay 75% at Q3?