IT-204: Partnership Return. The instructions are for partnerships completing Forms IT-204, IT-204-IP, IT-204.1, and IT-204-CP (2024)
New York · NY DTF · Used for tax years 2024
Form IT-204 is New York’s Partnership Return for 2024. It reports partnership information, federal business income and deductions, ordinary business income or loss, and cost of goods sold.
What you'll need
Have these records ready to complete the return:
- Partnership details, including legal name, address, EIN, business activity, business start date, and partner counts.
- Federal Form 1065 information, including Schedules K, L, M-1, and M-2, for income, deductions, balance sheets, and partners’ capital accounts.
- Federal Form 1125-A information for cost of goods sold.
- Form IT-225 amounts for New York addition and subtraction modifications.
- Business location records and the New York income and allocation information requested on the form.
Depending on the items you report, the form also calls for attachments such as federal Schedule F, Schedule D, Forms 4797, 4562, and 8825, and statements supporting specified income, deductions, costs, assets, and liabilities. If you adopted the LIFO inventory method during the tax year, submit federal Form 970.
If you filed federal Schedule M-3, submit it and any related documents with Form IT-204.
How to file
Complete the applicable sections and include the attachments requested for the items you report. A general partner must sign and date the return. The paid preparer must complete the preparer section, if applicable.
Mail the return to:
STATE PROCESSING CENTER
PO BOX 15198
ALBANY NY 12212-5198
Common mistakes
- Do not deduct oil and gas depletion on line 21.
- If you filed federal Schedule M-3, mark the box in Section 5, attach Schedule M-3 and related documents, skip Section 5, and continue with Section 6.
- If you mark the return as final, submit an explanation.
- In Section 10, list all places where the partnership carries on business, both inside and outside New York State. Add sheets if needed.
- If you answer No to using the books and records method on line 118, complete Section 10, Part 2.
Questions people ask
Which entity types are listed on Form IT-204?
The form lists regular partnerships, limited liability partnerships (LLPs), portfolio investment partnerships, limited liability companies (LLCs), and Other. The LLC category includes limited liability investment companies and limited liability trust companies.
What should I enter if the partnership had no New York source income, gain, loss, or deduction?
Answer No to question B1 and enter the number of resident partners in B2.
Where do New York addition and subtraction modifications go?
Enter total addition modifications from Form IT-225, line 9, on IT-204, line 108. Enter total subtraction modifications from Form IT-225, line 18, on IT-204, line 110.
What if this partnership is a partner in another partnership or LLC?
Answer Yes to question 117c and list the names and EINs of those entities. Submit additional sheets if necessary.