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CCH Axcess Tax

PTET Shareholder Information

CT 34 SH Page 3:

The PTET credit is calculated using the options to produce PTET worksheet in New York>PTET Worksheet > PTET Options and Overrides.

You can also use PTET worksheet overrides in New York > PTET Worksheet>PTET Options and Overrides.

You can specially allocate this credit using special allocation code 34850.

Note:

• PTET worksheet/shareholder detail will print only in accountant copy.
• Entries in New York- Credits- Other Credit Information Passed Through to Shareholders will also produce worksheet and detail. Tax due override in New York > PTET Worksheet > PTET Options and Overrides supersedes other data entry.
• Your entry in Federal > Shareholder information > State Specific information > New York will override Schedule K-1 equivalent detail and will be in shareholder detail/export file, but will not change amounts reported on the PTE tax calculation worksheet or Form CT-34-SH.
• If the shareholder is a “disregarded entity” use Federal > Shareholder information > Shareholder State information. Enter shareholder number, state = “NY,” Entity type = “L” (single member LLC) or ”G”(grantor trust). On Alphabetic 3 enter disregarded entity EIN. On Alphabetic 4 enter disregarded entity name.

Schedule K-1 Equivalent:

The PTET credit is calculated using the option to produce PTET worksheet.

You can specially allocate this credit using special allocation code 34850.

Note:

• PTET worksheet/shareholder detail will print only in accountant copy.
• Entries in New York > Credits > Other Credit Information Passed Through to Shareholders) will also produce worksheet and detail. Tax due override in New York > PTET Worksheet > PTET Options and Overrides supersedes over data entry.
• Your entry in Federal > Shareholder information > State Specific information > New York)will override Schedule K-1 equivalent detail and will be in shareholder detail/export file, but will not change amounts reported on the PTE tax calculation worksheet or Form CT-34-SH.
• If the shareholder is a “disregarded entity” use Federal > Shareholder information > Shareholder State information. Enter shareholder number, state = “NY,” (Entity type) = “L” (single member LLC) or ”G”(grantor trust). On Alphabetic 3 enter disregarded entity EIN. On Alphabetic 4 enter disregarded entity name.
• The export function is only available in worksheet view. Within worksheet view, select New York > PTET Worksheet> Export section. Export the data to an Excel file, delete the section headers and extraneous blank lines, and save as a CSV file. Note if you override amounts on the export grid, they will NOT to Form CT-34-SH or to the shareholder’s Schedule K-1 equivalent.

For information on how to generate and process the NY PTET Worksheet for Online Submission to NY state, see KB 000138208.

Knowledge Base Solution - How do I generate and process New York Passthrough Entity Tax (PTET) for submission to the state? (cch.com)