Perhaps this can help if you have yet to try it.
To claim the credit on a 1040:
Select the Forms menu, then click Open Form.
Type in 653 to highlight form IT-653 on the list. Press OK.
Enter the entity name, EIN, and PTET credit amount for each K-1.
The PTE credit will flow to form IT-201, line 71, as a refundable credit. The program will automatically add-back the credit amount on form IT-225, code 219.
To indicate PTE was paid on a 1065:
Open the Sch K-1 Summary.
Scroll down to item Q, "Did the partnership elect to pay the pass-through entity tax?"
Check Yes.
Check the Resident or Nonresident box.
You may want to include the amount of PTE paid on this partner's behalf under Supplemental Information, since it's not reported elsewhere on the NY K-1.
To indicate PTE was paid on an 1120-S:
Open the CT-34-SH, p1-3.
Scroll to the S Corporation Amounts for Shareholders Smart Worksheet at the bottom of the form.
Enter the total Pass-through entity taxable income for all shareholders.
Enter the total PTET credit to be claimed for all shareholders.
The shareholder's portion of PTET taxable income and credit will transfer to their Schedule K-1 Equivalent as supplemental information.
@vtaxnyc
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