Updated PTET Worksheets

Pages 57 through 72 of the Tax Year 2022 M+O=CPE Individual Tax Year-End Workshop Reference Book have an update of 2022 issues for the pass-through entity tax (PTET).

New York State recently issued revised Excel worksheets to be used when computing the PTET for the 2022 tax year.

There is a new worksheet for use by electing resident S corporations, available here. This new worksheet contains Row 13b, to be used to add back taxes deducted from federal income, including the PTET, as discussed in our post on November 29, 2022.

There is also a new worksheet to be used by standard S corporations, available here. This worksheet also includes the new Row 13b, to be used to add back taxes deducted from federal income, including the PTET.

In addition, there is a new worksheet for partnerships and LLCs, available here. The new worksheet includes the new Row 14a to add back estimated PTET taxes paid and deducted from federal income.

When computing the New York City PTET, S corporations use the same worksheet for electing resident S corporation PTET worksheet, discussed above. Partnerships and LLCs use a separate NYC PTET worksheet, which is available here.

Our tax news has numerous other posts related to the pass-through entity tax. Search our tax news archive for PTET to see these earlier posts.

If you have not already enrolled or taken our seminar, it’s time to enroll for our upcoming seminars in January. We will discuss the PTET changes for 2022 and 2023, so you’ll be fully prepared! Register here.