Common questions and answers regarding New York State and New York City pass-through entity tax with an 1120S return using CCH® ProSystem fx® Tax and CCH Axcess™ Tax.

  • Article Type:
  • Documentation
  • Last Modified:
  • 12/06/2023

Objectives

Document common questions and answers regarding NY and NYC passthrough entity tax with an S Corporation return.

Environment

  • CCH® ProSystem fx® Tax
  • CCH Axcess™ Tax
  • S Corporation – 1120S
  • New York State - NYS
  • New York City - NYC
  • Worksheet View – WSV
  • Interview Forms – IVF

 

Details

QuestionAnswer
-Form Name
  • N/A - Calculation worksheet only
-State Links
Site with all instructions and FAQs
Export is only available in worksheet view
  • New York > PTET Options and Overrides > PTET Export
Election for PTE
-Is an Election Required?
  • Yes- annual election - web application - link above.
-Made when?
  • Election must be made for the year by 3/15 of that year (as in 3/15/2023 for 2023). For 2022 NYC ONLY - 2022 election is allowed by 3/15/2023.
-Good for?
  • Annual
-How do we make this election?
-Separate Form needed?
  • No
-Option  to Opt-Out?
  • N/A
Generation of State PTE Return
-How do we generate the form above?
  • Worksheet view:
    • Federal> Common State/City > State PTE generation worksheet > NY and NY City checkboxes (assumes electing standard S corporation election - if NO electing resident S corporation input on NY worksheets,  NYC calc will not get produced)
    • New York > PTE worksheet  > PTE Options > PTE Worksheet Options  -
      • code "1" for electing standard S corporation computation (no NYC calc );
      • code "2" for electing resident S corporation
  • Interview Forms view:
    • PTE-ST1, Box 178 for NY, Box 182 for NYC (if electing resident S corporation)    
    • NY - NY14, Box 140  code "1" for electing standard S corporation computation (no NYC calc ); code "2" for electing resident S corporation     
    • NYC - NY14, Box 144  if Box 144 has code "2" for electing resident S corporation
  • NYC alternative input: 
    • New York > PTE worksheet  > PTE Options > PTE Worksheet Options  - code "2" (electing resident S corporation + federal NYC PTE checkbox; or
    • New York > PTE worksheet  > PTE Options > PTE Worksheet >Electing NYC PTET for eligible city resident S corporation (all shareholders must be NYC residents) 
-Is this a separate filing from the main form, part of the main form, or filed on it's own?
  • Separate filing online.
Estimates
-Are there estimates for this form?
  • N/A - all online. We do not offer any computations.
-How do we generate them?
  • N/A
    -Can you apply an overpayment from the current year form?
    • No, overpayment always refunded.
    Interest/Penalties
    -Do interest/penalties apply?
    • State calculates - online only
    -Is there an underpayment penalty?
    • N/A
    Additional PTE Information
    Common State > State PTE Generation worksheet >Grid 23  (Interview PTE-ST1, boxes 300-364)
    -Does this section apply to this state?
    • Yes.
    - If yes, what information is required here to complete return?
    • Entries with code Ny or blank  in "State applies to" column, and codes PTET and blank in State/City use column,     
      will flow to Form CT-34SH, page 1, line 1a and to New York Schedule K-1 equivalent, page 1, line 1a.    
    • Entries with code NYC or blank in "State applies to" column, and codes PTET and blank in State/City use column will flow to Form NYC 3L, Schedule B, line 5c will flow to Form NYC 3L, Schedule B, line 5c. 
    Additional Input Available
    - Does new input options under State and City Tax Refund flow to the state?
    • Yes.
    - Does new input options under Taxes and Licenses flow to the state?
    • Yes.
    - Does new input options under Rent/Royalty flow to the state?
    • Yes.
    - Does the new input options under Farm flow to the state?
    • Yes.

     

    Additional Information

    N/A

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