IT-204-IP: New York 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-IP is the New York Partner’s Schedule K-1 for 2024. It reports a partner’s share of partnership income, deductions, distributions, and New York modifications, along with ownership information and estimated taxes paid on the partner’s behalf.
What you'll need
The form refers to these documents:
- Form IT-204-IP-I, Partner’s Instructions for Form IT-204-IP: Partners are directed to read this before completing their income tax return. It is available at www.tax.ny.gov.
- Federal Schedule K-1: Column B reports federal K-1 amounts.
- Form IT-2658-NYS: The source for New York State estimated tax paid on the partner’s behalf, reported in item N.
- Form IT-2658-MTA: The source for estimated metropolitan commuter transportation mobility tax (MCTMT) paid on the partner’s behalf, reported in item O.
Common mistakes
- Skipping the partner instructions before completing your income tax return. The form specifically tells partners to consult Form IT-204-IP-I, available at www.tax.ny.gov.
Questions people ask
What tax year does this version cover?
This is the 2024 version. It provides spaces for calendar year 2024 or a tax year beginning in 2024 and ending on the date entered.
What income and deductions does the schedule show?
It lists the partner’s share of items such as business income or loss, rental income or loss, guaranteed payments, interest, dividends, capital gains or losses, and deductions. It has separate columns for federal K-1 amounts and New York State amounts.
Where can I find estimated tax paid on my behalf?
Item N shows New York State estimated tax paid on the partner’s behalf. Item O shows estimated MCTMT paid on the partner’s behalf. Each item has spaces for four installment dates and amounts, plus a total.
Does the schedule show whether the partnership elected to pay pass-through entity tax?
Yes. Item P asks whether the partnership elected to pay pass-through entity tax (PTET) for the current tax year. If yes, it also identifies the partner as a resident or nonresident for calculating pass-through entity taxable income.