IT-204.1: New York Corporate Partners' Schedule K (2024)
New York · NY DTF · Used for tax years 2024
Form IT-204.1, New York Corporate Partners’ Schedule K, reports partnership information for corporate partners under Article 9-A. It includes entire net income additions and subtractions, assets and liabilities, and details about investment capital and certain prior-year investme
What you'll need
Have these forms and details available for the applicable parts of the schedule:
- Form IT-204, for the partnership’s name as shown on that form, and the partnership’s EIN.
- Federal Form 1065, for total interest expense from line 15.
- Information about entire net income additions and subtractions, assets, liabilities, and fair market values.
- Investment details, including descriptions or identifying numbers, shares acquired and sold, acquisition and sale dates, average fair market values, and directly attributable liabilities.
- Prior-year investment amounts for stocks that did not meet the holding-period requirement.
- Property, receipts, and payroll information for the geographic columns shown, including the MCTD, New York State, and everywhere, as applicable.
Common mistakes
- Mixing directly owned investments with partnership totals. The investment-capital tables say to enter only directly owned assets or investments in items A through F and “Total from additional sheet(s).” They provide a separate “Total from partnerships” row.
- Including excluded employees in payroll figures. Payroll line 54 excludes general executive officers. Line 55 excludes employees with partnership-wide authority from the average number of individuals employed full-time in New York State.
- Filling in intentionally blank lines. Apportionment Part 2 labels lines 8 and 44 as intentionally left blank.
Questions people ask
What tax year does this version cover?
The form is for calendar year 2024 or a tax year beginning in 2024. It provides spaces for the tax year’s beginning and ending dates.
When does the entire net income section apply?
The form labels this section for use when the corporate partner’s New York tax filing status is a C corporation.
Does the form distinguish between stocks actually held and stocks presumed held more than one year?
Yes. Investment capital Part 2 covers stocks actually held more than one year. Part 3 covers stocks presumed held more than one year. Part 5 covers prior-year stocks that did not meet the holding-period requirement.
What does MCTD stand for?
MCTD stands for Metropolitan Commuter Transportation District. The form asks separately about partnership activity in the MCTD and in New York State, and includes separate geographic columns for apportionment information.