pgershon
Level 1

Mark, thank you but that only covers half of what needs to be reported.  Each partner gets a credit for the PTET paid.  And that credit is reported on page 9 line 144a-f of the IT-204, exactly as you state.

However, in addition to the credit, the NYS income to be taxed is supposed to be the federal income as reported PLUS the PTET that was paid in 2021.  The actual PTET Annual Return (on State website, not Intuit) has separate lines for (i) the PTET due for 2021 and (ii) the PTET payments made with estimates during 2021.  (i) is the credit reported on line 144a-f, and (ii) is the amount that reduced reported federal income and must be added back in computing state income.  Line 20 of each NYS partner's K-1 should have their allocated portion of (ii) above, reported as EA-219.  Partners need to know their allocated amount of PTET was deducted from federal income in order to add it back, and Line 20 of the K-1 seems like the only place to do that.

Using TurboTax Business, when I fill in IT-225, the partner K-1's have proper amounts in line 20.  Having said that, I do realize that the IT-225 instructions say A-219 is not for IT-204 filers, but I believe that was an error in the instructions.  I see no other logical interpretation. 

0 Cheers