For a LLC that paid NY State PTET for its LLC members its my understanding that Form IT-204-IP should show the amount of PTET in box 47a, with code 653, and an amount.
2 questions:
1) How do I enter that amount into turbo tax? I've found the spot of box 47a on the individual member's forms but Turbo Tax won't let me enter a value there, possibly because it needs to flow to that box from another entry point? I can't figure out what that entry point may be.
2) Is the amount that should go in box 47a with code 653 the amount of PTET paid in 2022 or the amount of PTET tax that should have been paid? In my example let's say there are two 50% ownership members (both NY state residents) PTET taxes paid during 2022 was $4000 total but the amount that needed to be paid was only $1000. In this case would $2000 go in box 47a or $500? (The amounts are 50% of the total since each member just gets 50% of the allocation).
I am using Turbo Tax Business on windows. Thank you.
