CT-3-S: New York S Corporation Franchise Tax Return. (2024)
New York · NY DTF · Used for tax years 2024
Form CT-3-S is the New York S Corporation Franchise Tax Return. It reports federal Form 1120S information, New York receipts, franchise tax, credits, and prepayments to calculate a balance due or overpayment.
Who files this form
Form CT-3-S is the New York S Corporation Franchise Tax Return for tax year 2024.
If you are filing because of the mandatory New York S election under Tax Law, Article 22, section 660(i), mark the box at item I. The supplied form does not explain the full filing requirements.
What you'll need
You must file or attach:
- Federal Form 1120S as filed.
- Form CT-34-SH.
- Form CT-60, if applicable.
- Any applicable credit claim forms.
- Form CT-225, if applicable.
- Form CT-227, if applicable.
Have your federal Form 1120S, including Schedules K, L, and M-2, available to complete Part 1. You will also need New York State and everywhere receipts for Part 3, plus prepayment amounts and payment dates for Part 2.
If you file an amended return, mark the applicable boxes in the amended return information area and attach documentation.
How to file
Enter the beginning and ending dates of your tax period, complete the applicable parts, and have the authorized person sign the certification. Include the required attachments.
For an enclosed payment:
- Pay the balance due shown in Part 2, line 46.
- Enter your payment amount on line A on page 1.
- Make the payment payable to New York State Corporation Tax.
- Attach the payment where indicated and detach all check stubs.
The form says to see the instructions for where to file. No mailing address or e-file directions are provided in the supplied text.
Common mistakes
- Leaving the tax period blank: All filers must enter the beginning and ending dates.
- Leaving line 22 blank: Enter New York receipts, or enter 0 if there are none.
- Entering 0 on line 23 or leaving it blank: The form explicitly cautions against both.
- Using parentheses for negative amounts in Part 1: For lines 1 through 10 and 14 through 21, use a minus sign, not parentheses or brackets.
- Missing the overpayment checkbox: If you claim an overpayment, mark the box on page 1.
- Checking the no-receipts box incorrectly: Mark that box in Part 3 only if you have no receipts required to be included in the denominator of the apportionment factor.
Questions people ask
When does the form require Form CT-60?
If your return includes activities of a qualified subchapter S subsidiary (QSSS), partnership, single member limited liability company (SMLLC), or DISC, or you have other affiliated entities, mark item N and file Form CT-60 with the return.
How do I report an overpayment?
If line 38 is greater than line 45, enter the difference on line 47. Line 48 reports the amount to credit to the next period. Line 49 reports the refund amount, calculated by subtracting line 48 from line 47. These lines refer you to the instructions for details.
What if I made a voluntary contribution?
Mark item P and file Form CT-227 with your return. Enter total voluntary gifts and contributions from Form CT-227, Part 2, line 1, on CT-3-S, line 44.
How do I calculate the business apportionment factor?
In Part 3, divide line 55, column A (New York State), by line 55, column B (Everywhere). Enter the result on line 56, rounded to six decimal places.