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  • 1.  PTET

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


    For calculating S corp PTET taxable income purposes only what is the add back for PTET given the below<o:p></o:p>

    2021 PTET refund received in 2022          $379,000<o:p></o:p>

    2022 PTET paid during 2022                     $800,000<o:p></o:p>

    Net reflected on Federal S corp                 $421,000<o:p></o:p>

    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?<o:p></o:p>

    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.?

    Ellyn A. Sosin
    Lake Success NY

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