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.) (2025)
New York · NY DTF · Used for tax years 2025
Form IT-204-CP is the 2025 New York Corporate Partner’s Schedule K-1. It reports a partner’s share of partnership profits, losses, capital, liabilities, and estimated tax payments, along with income modifications and asset information for New York C corporate partners.
What you'll need
The form points to these documents:
- Form IT-204-CP-I, Partner’s Instructions for Form IT-204-CP: Read this before completing your franchise tax return. It is available at www.tax.ny.gov.
- Federal Form 1065, Schedule K-1: The source for the partner’s share of income, deductions, and other items on lines 44 through 60.
- Form CT-2658: The source for New York State estimated tax paid on the partner’s behalf, reported in item K.
The schedule also asks whether Form CT-2658-E was filed with the partnership.
Common mistakes
- Skipping the partner instructions: The form tells partners to read Form IT-204-CP-I before completing their franchise tax return.
- Using partner-only amounts where partnership-wide information is requested: In the investment capital tables in Parts 1, 2, 3, and 5, columns A through G call for information for the partnership as a whole.
- Including indirectly owned investments in the direct-ownership entries: Those same tables say to enter only directly owned assets or investments in items A through F and “Total from additional sheets.”
Questions people ask
What tax year does this schedule cover?
This version is for calendar year 2025 or a tax year beginning in 2025. The form provides spaces for the tax year’s beginning and ending dates.
Does the schedule have separate sections for C corporations and S corporations?
Yes. It includes entire net income information for corporate partners whose New York filing status is a C corporation, along with several sections marked for New York C corporate partners only. Page 6 contains New York modifications for New York S corporate partners only.
Where are estimated tax payments made on the partner’s behalf shown?
Item K lists the dates and amounts of four installments from Form CT-2658. The total is the sum of lines K1 through K4.
What if the partner is a disregarded entity?
Item E asks for the EIN of the entity reporting the partner’s income, if known.