Yes, there's a way to enter the New York PTET Credit on a New York Nonresident Return (Form IT-203).
Per New York State Department of Taxation and Finance, taxes that are offset by a PTET credit are all taxes computed and reported on New York State personal income tax Forms IT-201, IT-203, and IT-205. If the PTET credit exceeds the tax due for the tax year, the excess credit will be refunded without interest.
Form IT-203 is the New York State Nonresident and Part-Year Resident Income Tax Return
NY has a page to show how the calculation is to be completed here.
The PTET Credit requires manual entry in TurboTax for Desktop using Forms Mode.
- Open your return and click the Forms icon in the TurboTax header.
- Click Open Form at the top of the left column.
- Enter 653. Then click "IT-653: Pass-Through Entity Tax Credit" in the drop-down. Use "Copy 1" if asked to name the form. This will open the form in the large window.
- Under Schedule A, enter the name (Col A), EIN (Col B), and PTET Credit Amount (Col C). If NYC tax was also paid, enter that amount in Col D.
- You can verify your entry flows to IT-203 as a payment against any state taxes owed on your return.
- When finished, click Step-by-Step in the header to return to the main screens.
If you are using the online version of TurboTax, see How do I switch from TurboTax Online to the TurboTax software?
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