How can I enter info for the New York Pass-through entity tax (PTET) credit?
The Pass-through Entity Tax (PTET) is an optional tax paid at the partnership or S corporate level. A PTET credit may be claimed by an eligible partner/shareholder/member on their individual return.
1065
For the partnership return, an entry can be made on NY > General tab > screen 9. Overrides are available on the K1A and IP5 screens. Use the 2658 screen to generate estimated tax vouchers, IT-2658, for next year.
1120-S
For the S-corporation return, entries are available on NY > CT-34-SH tab > screen SH6. Use the 2658 screen to generate estimated tax vouchers, IT-2658, for next year.
1040
To enter information about the PTET in the individual return, complete the 653 screen located on the States tab > NY > IT Credits 500-600 Series tab and answer question E on the NY MISC screen.
Per the IT-653 Instructions, amounts flow to:
- IT-201 ATT, line 12 and then to IT 201 page 4 line 71.
- IT-203 ATT, line 12 and then to IT 201 page 4 line 61.
- IT-205, line 33.
For more information, see the IT-653 Instructions 2021 and Pass-through entity tax (PTET) Informational Link.