How do I prepare the New York City PTE Credit calculation with an 1120S return using CCH® ProSystem fx® Tax and CCH Axcess™ Tax?

  • Article Type:
  • How To
  • Last Modified:
  • 12/04/2023

Objectives

Prepare, populate, and control NYC PTE Wkst.

Environment

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

Procedure

Pre-requisites

  • Eligible shareholder entity types are Individual, Estate, and Trust

Preparation of the NYS PTET Wkst, NYC PTE /Credit and calculation

  1. Go to Common State / City State PTE Return Generation worksheet.
  2. In line New York City, select the checkbox under the Generate State PTE return column (Interview PTE-ST1, box 182).
  3. Go to New York > PTET Credit > PTET Worksheet Options / Export worksheet.
  4. In line PTE worksheet options : 1) Electing standard S corporation; 2) Electing resident S corporation, select option 2 - Electing resident S corporation (Interview New York > NY14, box 140, select 2).
  5. Calculate the return.

NYC PTET Worksheet Controls

Override NYC PTET Credit available to shareholders

  1. Go to New York > PTET Worksheet  / Export.
  2. Section PTET Options and Overrides > line PTE Tax - New York City, input applicable amount (Interview New York > NY14A, box 58).
  3. Calculate the return.

Print Presentation and Credit Allocation

  • New York State PTET WorksheetPTE - Shareholder Information is an informational form which prints only in the Accountant and Client return copies.
  • New York State PTE - Shareholder Information is for presentation purposes in the software.
    • Column Direct share of New York PTET Credit can be specially allocated using Special Allocation worksheet, section 2 Detail - State code 34850 (Interview Form K-4, box 40).
    • Column Direct share of New York City PTE Credit does not have a Special Allocation worksheet code, but can be controlled using gov't form (pink) override, or changed when exported to MS Excel prior to tax.NY.gov webfile upload.

Notes

Tax year 2022:

  • NYS K-1 Equivalent, page 3 will populate a shareholder's share of NYC PTE Credit.
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