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Level 1
posted Mar 14, 2023 7:18:28 AM

NYS IT-203-ATT

I receive a Schedule K-1 (form 1065) showing Box 4 guaranteed payment for services.  I have Pass Through Entity Tax Credit for this partnership that needs to be reflected in NYS form IT-203-ATT.  This form doesn't appear in my New York State forms on TurboTax.  I am a non-resident of NY.   How do I enter the pass through tax credit?

0 4 1875
1 Best answer
Expert Alumni
Mar 14, 2023 11:24:51 AM

The PTET Credit requires manual entry in TurboTax for Desktop using Forms Mode.

 

  1. Open your return and click the Forms icon in the TurboTax header.
  2. Click Open Form at the top of the left column.
  3. 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.
  4. 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.
  5. You can verify your entry flows to IT-201 Page 3-4 Line 71 as a payment against any state taxes owed on your return.
  6. 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?

4 Replies
Expert Alumni
Mar 14, 2023 11:24:51 AM

The PTET Credit requires manual entry in TurboTax for Desktop using Forms Mode.

 

  1. Open your return and click the Forms icon in the TurboTax header.
  2. Click Open Form at the top of the left column.
  3. 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.
  4. 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.
  5. You can verify your entry flows to IT-201 Page 3-4 Line 71 as a payment against any state taxes owed on your return.
  6. 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?

Level 3
Mar 14, 2023 12:20:43 PM

Entries can be made on Form IT-653, Claim for Pass-Through Entity Tax Credit, by going to the New York credits and taxes landing table, go to the Other Tax Credits section, Other Less Common Credits. Start that section, you will be able to indicate you want to fill in that form, interview will go to a screen allowing entry. 

Level 1
Mar 15, 2023 6:25:29 AM

Thank you, very helpful!

Level 1
Mar 15, 2023 6:26:00 AM

Great thanks very much.