NASSAUSUFFOLK

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  • 1.  PTET

    Bronze Most Valuable Member
    Posted 09-11-2023 03:33 PM

    HELP!

    For calculating S corp PTET taxable income purposes only what is the add back for PTET given the below

    2021 PTET refund received in 2022          $379,000

    2022 PTET paid during 2022                     $800,000

    Net reflected on Federal S corp                 $421,000

    2022 PTET refund expected during 2023  = $125,000

    If the add back to calculate the PTET taxable income is the "payments" of $800,000, then what do I do with the $379,000 prior year refund and the overpayment of $125,000 expected during 2023 that is from the 2022 payments?

    How do the overpayments from 2021 and 2022 get reflected when the guidance says it should be added back to NYS?  Does it get reflected on Form CT-34-SH line 1a.?



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    Ellyn A. Sosin
    CPA
    SOSIN & KRIEGEL, LLP
    Lake Success NY
    516-570-4600
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