Question

NYS Form CT-3-S Part 3

Forum|Forum|6 years ago
March 13, 2020
1 reply
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I am confused about NYT+S receipts. The instructions referred to my federal form K (there is not one - there is a K-1) income. On the K-1 it is just Net Income but this form asks for receipts. Which is it. My receipts are in excess of $1 million (resulting n a franchise tax of $1000) but Net income is only $12,000.

TurboTax Business Windows

ReginaM

Yes, you would use your Schedule K-1 to complete your NYS FormCT-3-S, the State of New York is asking for sales, not net income for the State of New York only. (So if your sales extended to other states, you would not include those here).

See NYS Form CT-3-S Instructions for more information.

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