How do I input New York Passthrough Entity Tax (PTET) in a 1040 return using worksheet view in CCH® ProSystem fx® Tax and CCH Axcess™ Tax?
- Article Type:
- How To
- Last Modified:
- 03/30/2023
Objectives
Provide the input available to input the passthrough credit in the individual return.
Environment
- CCH ProSystem fx Tax
- CCH Axcess
- CCH Axcess Tax
- 1040
- Worksheet
- New York
Procedure
- Go to New York > Credits worksheet.
- Expand Section 50 - Pass-Through Entity Tax Credit (IT-653).
- In Column - Name of Entity, input an applicable description.
- In Column - EIN, input a valid employer identification number.
- In Column - PTET Credit, input the amount received from the passthrough return.
- In Column TS Code, select either Taxpayer or Spouse.
- Calculate the return.
Note
- The IT-653 , and populate the above information. IT-653, Schedule A, column D, line 1 will automatically carry an amount to IT-225 Part 1, line 1, with addition code A-219, and assumes the same amount as the IT-653 credit.
- Caution - The following input is an override: If the IT-225 Addition should be different from the IT-653 credit, then an input can be made at New York > Income / Deductions worksheet > Expand Section 1 - Income and Adjustments > In Grid 47 - Other Additions > In Column Addition Number, select code 219, and input applicable information in remaining columns X if from Passthrough, Amount (and NYS Amount if the taxpayer is an IT-203 filer).
- The IT-653 will total information in column D, into line 1. Per IT-653 instructions, IT-653, line 1 carries to Form IT-201-ATT, line 12; or Form IT-203-ATT, line 12.
- IT-201-ATT, Line 12 totals to line 18, and carries to IT201, line 71.
- IT-203-ATT, Line 12 totals into line 17, and carries to IT-203, line 61.
- https://www.tax.ny.gov/pdf/current_forms/it/it653_fill_in.pdf
| Solution Id | 000209026/000209026 |
|---|---|
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