Hi All,
If a partnership or s-corp received a NYS PTET refund check in 2022 due to overpayment of estimated taxes paid in 2021, is it reported as other income on Federal Forms 1065 & 1120-S? Is it a deduction when calculating NYS PTE taxable income? This seem logical as the amount deducted on the federal returns is added back when calculating PTE taxable income. Or is the refund a reduction of the taxes paid deduction on the federal returns, in which case no other adjustment would be needed?
All comments much appreciated.
------------------------------
Deborah J. Zelen, CPA
917-923-5331
debbie@djzcpa.com------------------------------