How do I input New York Passthrough Entity Tax (PTET) in a 1040 return using interview forms in CCH® ProSystem fx® 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
- 1040
- Interview
- New York
Procedure
- Go to New York > NY48 - Rehabilitation of Historic Properties and Pass-Through Entity Credits.
- In Box 110 - Name of Entity, input an applicable description.
- In Box 111 - EIN, input a valid employer identification number.
- In Box 113 - PTET Credit, input the amount received from the passthrough return.
- In Box 114 - 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 NY3, box 60 with code 219, and input applicable information in boxes 61, 62 (and box 63 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
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