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NYS PTET - Reporting Refund on Federal Tax Returns

  • 1.  NYS PTET - Reporting Refund on Federal Tax Returns

    Silver Most Valuable Member
    Posted 03-16-2023 12:12 PM

    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.



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    Deborah J. Zelen, CPA
    917-923-5331
    debbie@djzcpa.com
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