IT-204-CP: New York Corporate Partner's Schedule K-1. (The instructions are for the partner . Partnership instructions are in Form IT-204-I.) (2024)
New York · NY DTF · Used for tax years 2024
Form IT-204-CP is the New York Corporate Partner’s Schedule K-1. It reports partnership and partner information, including the partner’s share of profit, loss, capital, liabilities, and estimated tax paid on its behalf, along with income modifications and asset information for Ne
What you'll need
The form calls for these records and details, as applicable:
- The partnership’s name as shown on Form IT-204 and its EIN, plus the partner’s name, address, and EIN.
- Records of the partner’s profit, loss, and capital percentages, share of liabilities, and capital account activity.
- Federal Form 1065, Schedule K-1, for the partner’s share of income, deductions, and other items.
- Form CT-2658 information for New York State estimated tax paid on the partner’s behalf, including installment dates and amounts.
- Information about whether Form CT-2658-E was filed with the partnership.
- Investment, credit, property, receipts, and payroll information for the applicable sections.
The form also directs partners to Form IT-204-CP-I, Partner’s Instructions for Form IT-204-CP, before completing their franchise tax return.
Common mistakes
- Do not skip the partner instructions before completing your franchise tax return. The form specifically directs partners to read Form IT-204-CP-I, available at www.tax.ny.gov.
Questions people ask
Does the form have separate sections for C corporation and S corporation partners?
Yes. The form labels certain sections for New York C corporate partners only, including entire net income modifications and assets and liabilities. Lines 36 through 43 cover New York modifications for New York S corporate partners only.
Where does the form show estimated tax paid on the partner’s behalf?
Item K lists four installments of New York State estimated tax paid on the partner’s behalf from Form CT-2658. It includes spaces for each installment’s date and amount, plus a total.
What if the partner is a disregarded entity?
Item E asks for the EIN of the entity reporting the partner’s income, if known.
What accounting methods are listed for the capital account analysis?
Item I8 lists tax basis, GAAP, book, and other. If “Other” is selected, the form says to submit an explanation.