Hello
I too am uncertain exactly how to report, but this is my understanding of the tax treatment. It is as follows:
The PTET tax deducted on the Federal return is NOT added back to income when doing a NYS entity return.
Instead the individual will pick up an "addition to income" which will be the exact same amount as the credit , which comes to the individual by virtue of the PTET return , but reported on the NYS K! of that entity return,
The credit is figured on the PTET tax return and makes no distinction if the estimates of PTET was paid in 2021 or 2022
Hence NYS it-201 will not be affected by under or over estimating payments on the PTET tax return. The federal will affected by this.
The Individual's NYS return's addition to FEDERAL income is dependent only on the credit afforded to the taxpayer on that IT -201 , which is not dependent on the timing of payment.
Did that answer your credit.
And can you believe we still do not have a tem[plate to examine of the return yet.
Any comments agreeing or disagreeing appreciated
Abby
Abby Alhante, CPA
Kurcias & Alhante, LLC CPAs
525 Broadhollow Road Suite 104
Melville NY 11747
516.829-5890 Ext 2 Fax 516-829-3976
Mobile 516-381-9301
AbbyA@KurciasAlhanteCPAs.com
( E mail response preferred )