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.?
The opinions expressed are the views of the author alone and should not be attributed to any other individual or entity and shall not constitute an accounting opinion.