IT-204-IP: New York 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-IP, New York Partner’s Schedule K-1, reports a partner’s share of partnership income, deductions, distributions, and New York modifications for 2025. It also includes the partner’s ownership, liabilities, capital account, and estimated taxes paid on the partner’s beha
What you'll need
The form asks for the following information:
- The partnership’s name as shown on Form IT-204 and its employer identification number (EIN).
- The partner’s name, address, identifying number, partner type, and residency status.
- The partner’s shares of profit, loss, capital, and liabilities, plus capital account activity.
- Federal Schedule K-1 amounts and New York State amounts for income, deductions, and other items.
- New York additions, subtractions, and credit information.
If estimated taxes were paid on the partner’s behalf, the form asks for payment dates and amounts from Form IT-2658-NYS for New York State tax and Form IT-2658-MTA for the metropolitan commuter transportation mobility tax (MCTMT).
Common mistakes
- Do not skip the partner instructions before completing your income tax return. The form specifically directs partners to read Form IT-204-IP-I, available at www.tax.ny.gov.
- Do not select only one residency box if more than one applies. Item K says to mark all boxes that apply and refers you to the instructions.
- Do not omit an explanation if “Other” is selected as the capital account accounting method. Item J8 says to submit an explanation.
Questions people ask
What tax year does this form cover?
This is the 2025 Form IT-204-IP. It is labeled for calendar year 2025 or a tax year beginning in 2025, with spaces for the beginning and ending dates.
Where are federal and New York income amounts shown?
On page 2, column B shows the federal K-1 amount, and column C shows the New York State amount for the partner’s share of income, deductions, and other items.
Where does the form show estimated taxes paid on my behalf?
Item N lists New York State estimated tax payments from Form IT-2658-NYS. Item O lists estimated MCTMT payments from Form IT-2658-MTA. Each has spaces for four installment dates and amounts, plus a total.
Does the form 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 asks whether the partner was treated as a resident or nonresident when calculating pass-through entity taxable income.