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:
  • 11/05/2022

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

  1. Go to New York > Credits worksheet.
  2. Expand Section 48 - Pass-Through Entity Tax Credit (IT-653).
  3. In Column - Name of Entity, input an applicable description.
  4. In Column - EIN, input a valid employer identification number.
  5. In Column - PTET Credit, input the amount received from the passthrough return.
  6. In Column TS Code, select either Taxpayer or Spouse.
  7. 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.
    • 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 46 - 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.
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