Common questions and answers regarding New York City PTE with a 1065 return using CCH® ProSystem fx® Tax and CCH Axcess™ Tax.

  • Article Type:
  • QA
  • Last Modified:
  • 04/11/2023

Question

What are some common questions and answers regarding NYC PTE with a partnership return?

Environment

  • CCH® ProSystem fx® Tax
  • CCH Axcess™ Tax
  • Partnership - 1065
  • New York City - NYC

Answer

QuestionAnswer
-Form Name
  • N/A - Calculation worksheet only.
-State Links
Election for PTE
-Is an Election Required?
  • Yes. Annual election - web application - link above. City residents only.
-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?
  • Must be elected annually.
-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?
  • Common State/City > State PTE Generation > State PTE Return Generation > New York City - Generate State PTE return
    • Interview Form PTE-ST1, Box 182
  • NYC Worksheets > New York City > Section - General > Line 21.
    • Interview Form NYC1, Box 55.
-Is this a separate filing from the main form, part of the main form, or filed on it's own?
  • Filed on it's own online.
Estimates
-Are there estimates for this form?
  • N/A
-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?
    • State calculates - Online only.
    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 - 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 204, and Schedule K-1 equivalent
    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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