acitrola
Level 2
‎05-09-2024 09:30 AM

I have a partnership K-1 with the following reference "Schedule K-1, Line 13, Code ZZ."

A brief description: "Pass-Through Entity Tax - NY; reduces Line 1, Ordinary Income $2,677"

Questions: 

1)  Why would it state "reduces Line 1, ordinary income?"

2)  I do not believe there is any line on the federal K-1 for this item?  

Any ideas would be appreciated!

Thank you!

 

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IRonMaN
Level 15
‎05-09-2024 09:35 AM

I'm guessing it is there to let the partner know that PTE tax was used to reduce income for federal purposes so that it gets added back on the state?


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abctax55
Level 15
‎05-09-2024 10:43 AM

Pass-Through Entity Tax - NY.....   the  'NY'  means New York so I think you need to look at the New York data entry points.   And the Federal net income shown *should* have already taken this into account.

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