The PTET is a credit used to reduce tax on the New York (NY) state return. This PTET credit is recorded on Form IT-653 and is not yet available in TurboTax. It is scheduled for availability on January 13, 2022.
Eligible credit claimants that receive a PTET credit from an electing entity may claim the credit on their personal income tax returns. If the eligible credit claimant is a trust, other than a trust that is disregarded for tax purposes, it is allowed a PTET credit on the trust’s personal income tax return, but it is not permitted to distribute any PTET credit it receives to its beneficiaries.
The IT-201 is not yet available however you can view the PTET Form IT-653 - this credit is carried to line 12 of the NY IT-201.
NY has a page to show how the calculation is to be completed here.
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