NYS put in a new law, that a sub s corp can elect to pay tax at the corp. level. Is this show up as an option of the NYS sub S tax form?

Forum|Forum|4 years ago
February 10, 2022
1 reply
11 views

I can't find where I select that I want the tax calculated on the NYS sub S return.

ProSeries Professional

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IntuitMark304

Level 6

I am assuming you are referencing the pass-through entity tax (PTET) in New York. Per NY guidance the election/tax calculation must be made online thru their Business Portal. https://www.tax.ny.gov/online/

The software has been updated for PTET credits to report the associated credits on the shareholder's K-1. To enter the PTET credits and taxable income:

Navigate to the bottom of the CT-34-SH, p1-3 and a smart worksheet has been added. In this smart worksheet, the user can enter the PTET information and the amounts will be distributed to the K-1s on a prorata basis. You will see this information in the Supplemental Stmt at the bottom of each shareholder K-1.

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edrotmanAuthor

Level 3

I assume I have to prepare the nys ptet return on nys website, after I do that do I use the nys s corp intuit software to prepare the k1, which will show the credit when I complete the sh worksheet?

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IntuitMark304

Level 6

You are correct. The PTET tax is paid online thru the NY portal. Then the entity still would prepare a IT-204 for partnerships or a CT-3-S for scorporations to generate K-1s for the owners.

PTET Credits would be reported and distributed to the owners on the respective IT-204 or CT-3.

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