New York partnership return reports PTET information in four forms with CCH® ProSystem fx® Tax and CCH Axcess™ Tax:

• PTET Worksheet
• PTE Shareholder Information report
• CT-34SH, page 3, below line 111.
• NY K-1 Equivalent, at the bottom of page 2.

Method 1: Automated calculation of PTET Worksheet and NY K-1 Equivalent credit

1. Go to New York > PTET Credit > PETET Worksheet Options / Export worksheet.
2. Expand Section 1 - PTET Options and Overrides.
3. In Line 1 - Produce PTE worksheet, select Yes to prompt the system to calculate the credit on the PTE Worksheet based on other return input, and distribute the credit to shareholders.
4. In Line 2 - Produce PTE shareholder list, select Yes to prepare and populate PTE Shareholder Information list, which can be exported to create a .csv for upload onto NYS website.
5. Calculate the return.

Method 2: Override the PTET Income and Credit for the PTET Worksheet, and amounts distributable to the shareholders NY K-1 Equivalent (Tax Year 2021 ONLY)

1. Go to New York > Credits worksheet.
2. Expand Section 1 - Other Credits.
3. Navigate to Grid 2 - Other Credit Information Passthrough to Shareholders.
4. In column Code, use code PTET.
5. In Column Amount, input the total PTET credit amount.
   • This input posts to PTET Worksheet, PTET Shareholder Information report, CT 34SH, page 3, and NY K-1 Equivalent.
6. In Column PTET - Taxable Income, input the total PTET income amount.
   • This input posts to PTET Worksheet only.
7. Calculate the return.

Method 3: Override the PTET credit amounts for the NY PTET Shareholder Information report and Schedule K-1(s) only

1. Go to Shareholders > Shareholder Information - State Specific worksheet.
2. Expand Section 4 - New York.
3. Select Detail.
4. Select or create the sheet with an applicable partner number in Line 1.
5. Navigate to Grid 30 - Shareholders' Share of NY Credits and Taxes on Early Distribution.
6. In Column Credit Code, select code PTETC,
7. In Column Credit Amount, input an applicable amount relevant to the partner in step 4.
8. Repeat steps 4-7 as applicable.
9. Calculate the return.

Note

• Method 2 paired with New York special allocation code 34850 will override Method 1 of  PTET credit distribution to NY K-1 Equivalent(s) and PTET Shareholder Information report.
• Method 3 will override method 1 and method 2; PTET credit distribution to NY K-1 Equivalent(s) and PTET Shareholder Information report, and does not affect PTET Worksheet, lines 14 and 15.
• IT-225, when prepared for CT-3S return, will not include an addition code A-219, per state instructions, page 27: 
  •  https://www.tax.ny.gov/pdf/current_forms/it/it225i.pdf
• The credit amount may be derived from the state / local tax deduction line on Form 1065, page 1, or the farm, rental or other schedule.
• The G to W is work in process.