IT-653: Pass-Through Entity Tax Credit (2024)
New York · NY DTF · Used for tax years 2024
Form IT-653 reports New York State and New York City pass-through entity tax credit amounts for taxes paid on your behalf. It lists each entity’s name, employer identification number, and credit amounts, and totals the credits.
Who files this form
Form IT-653 is used to claim New York State pass-through entity tax (PTET) and New York City PTET credits for tax paid on your behalf. Submit it with Form IT-201, IT-203, or IT-205.
What you'll need
Have the following information ready:
- Your name and identifying number as shown on your return.
- Each entity’s name and employer identification number.
- The PTET and NYC PTET credit amounts for each entity.
- Totals from any additional Forms IT-653 you are submitting.
How to file
Submit Form IT-653 with Form IT-201, IT-203, or IT-205.
To complete Schedule A:
- Enter each entity’s name in column A and employer identification number in column B.
- Enter its PTET credit amount in column C and NYC PTET credit amount in column D.
- Include column C and D totals from any additional Forms IT-653 in the space provided.
- Add column C amounts on line 1 and column D amounts on line 2.
- Add lines 1 and 2 on line 3.
The supplied form text does not provide a mailing address or e-filing directions.
Questions people ask
Does Form IT-653 cover both state and city PTET credits?
Yes. Column C is for the New York State PTET credit, and column D is for the NYC PTET credit.
What entity information goes in Schedule A?
Enter each entity’s name, employer identification number, PTET credit amount, and NYC PTET credit amount.
What if I use additional Forms IT-653?
The form provides a space for the totals of column C and D amounts from additional Forms IT-653.