CastroCo
Level 1
02-12-2022
03:22 PM
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From what I've found with our 1065 client:
1) There is a box on the NY form to indicate that the PTET has been elected
2) Lacerte seems to be suggesting that they're not going to implement it as an add-back to NY income: https://proconnect.intuit.com/community/credit/help/how-to-enter-new-york-pte-tax-in-proseries/00/19...
They suggest putting the information in under Supplemental Information, which means it's something we'll have to track manually.
NY's instruction sheet for addback codes doesn't show an addback code either on the IT-204: https://www.tax.ny.gov/pdf/current_forms/it/it225i.pdf