 PTET has many upcoming due dates and deadlines. To help electing entities meet any PTET responsibilities they may have, we've put the most important PTET information in one place, below.
2023 PTET additional payments
Fourth quarter New York State estimated PTET payments were due December 15, 2023. By the due date of the annual return—March 15, 2024—electing entities must pay all remaining PTET due.
To make additional payments for 2023 prior to filing the annual PTET return, an entity must request an extension of time to file; if requested by the annual return due date, the extension will allow the entity to make late 2023 payments and pay necessary penalties through September 16, 2024.
2023 PTET annual return and extension
Entities that opted in to PTET for the 2023 taxable year, must:
Each PTET return must include complete and accurate details about the entity’s partners, members, or shareholders and the amount of PTET credit they are eligible to claim. Our PTET Annual Return Web File application offers a choice to manually enter this information or to upload a file for convenience. Entities with more than 100 partners, members, or shareholders must upload this information.
To help partners, members, and shareholders correctly claim the PTET credit, we recently sent an email, How partners, members, and shareholders claim the PTET credit (webpage version), to electing entities with guidance to pass along to them. We encourage electing entities to provide them with the guidance together with the PTET information on Forms IT-204-IP, New York Partner’s Schedule K-1, or the S corporations' shareholders’ statements.
We also created a webpage with tips for both electing entities and partners, members, and shareholders regarding PTET. To view them, see Tips to avoid common filing errors: PTET.
Reminder about the PTET extension
To request an extension of time to file the annual PTET return, electing entities must use the online PTET Extension application. Filing a request for an extension of time to file a different tax form does not allow for an extension of time to file the annual PTET return.
Additionally, requesting an extension of time to file the PTET return does not allow for an extension of time to:
- file any other form, including Form IT-204, Partnership Return, or Form CT-3-S, New York State S Corporation Franchise Tax Return, and its required attachments; or
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report information on PTET credits that the entity is providing to partners, members, or shareholders.
2024 PTET annual election
Authorized persons filing on behalf of eligible entities, can now opt in to the New York State PTET and New York City pass-through entity tax (NYC PTET) for tax year 2024 using the online PTET Annual Election application.
The deadline to opt in is March 15, 2024.
2024 PTET estimated payments
Quarterly estimated PTET payments for tax year 2024 are due March 15, June 17, September 16, and December 16, 2024. Entities may make payments—or schedule them in advance—using our online PTET Estimated Payment application.
Foreign partners, members, and shareholders
To file the annual PTET return, an electing entity must report identifying information for each partner, member, or shareholder that is being allocated a PTET credit. An entity that does not have all identifying information must request an extension of time to file by March 15, 2024.
If a partner, member, or shareholder does not have a taxpayer identification number, they must obtain one by filing a New York State personal income tax return (or extension of time to file an income tax return).
Frequently asked questions
Have a question about PTET? Check out our Frequently asked questions about the pass-through entity tax (PTET) for answers to common questions.
Keep up with PTET changes
If you haven’t already, subscribe to Pass-through entity tax (PTET) emails. We’ll send you important information about PTET and notifications when we update our PTET webpages.
Due dates
3/15/2024
- 2023 PTET annual return or extension request
- 2024 PTET annual election
- 2024 first-quarter estimated payment
6/17/2024
- 2024 second-quarter estimated payment
9/16/2024
- 2023 annual return for those who requested extensions
- 2023 additional payments for those who requested extensions (The electing entity must pay all PTET due by the original due date of the return, or penalties for failure to pay taxes due will apply.)
- 2024 third-quarter estimated payment
12/16/2024
- 2024 fourth-quarter estimated payment
Stay on top of due dates; bookmark our Tax Calendar.
Additional resources
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