How do I input New York Passthrough Entity Tax (PTET) with a 1041 return using worksheet view in CCH® ProSystem fx® Tax and CCH Axcess™ Tax?

  • Article Type:
  • How To
  • Last Modified:
  • 11/05/2022

Objectives

Populate New York Form IT-653 and IT205, page 2, line 33.

Environment

  • CCH® ProSystem fx® Tax
  • CCH Axcess™ Tax
  • Fiduciary - 1041
  • Worksheet view - WSV

Procedure

Partnership passthrough Input

  1. Go to Income > Partnership Passthrough worksheet.
  2. Expand Section 2 - Activity.
  3. In Line State Passthrough entity credit, in the State Grid coded to NY, input applicable amount.
  4. Calculate the return.

Note

  • The IT-225 Addition item A-219 will be distributed according to Ordinary Income Distribution percentage by default.

Override the IT-653 credit and specifically allocate

  1. Go to New York > Credits worksheet.
  2. Expand Section 15 - Pass-through Entity Tax Credit (IT-653)
  3. In Column Activity No, input applicable passthrough activity number.
  4. In Column PTET Credit, input applicable NY K-1 code 653 credit amount related to the passthrough activity in step 3.
  5. Repeat steps 3 and 4 for any additional passthrough K-1s received with PTET credit received.
  6. Go to Beneficiaries > Specific Allocations - Other Income and ESBT Final Year worksheet.
  7. In Column Beneficiary Number, input all applicable beneficiary numbers. 
  8. In Column PTP Income - Decimal, input applicable decimal for each applicable partner.
  9. Calculate the return.

Note

  • IT-205, page 2, line 33 will be blank if 605(b)(3)(D) is selected.

Additional Information

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