IT-204: Partnership Return The instructions are for partnerships completing Forms IT-204, IT-204-IP, IT-204.1, and IT-204-CP (2025)
New York · NY DTF · Used for tax years 2025
Form IT-204 is New York’s Partnership Return for 2025. It reports partnership information, federal ordinary business income or loss, deductions, and cost of goods sold.
What you'll need
Gather the information and documents that apply to your partnership:
- Business details: Legal name, address, EIN, business start date, principal product or service, and the NAICS business code from New York Publication 910.
- Partner information: Partner counts and information about partners’ shares of income, deductions, and other items.
- Federal return information: Form 1065, including Schedules K, L, M-1, and M-2, and Form 1125-A for cost of goods sold.
- Supporting forms, when applicable: Federal Schedule F for farm income, Form 4797 for the gains or losses identified on the return, Form 8825 for rental real estate income, Schedule D for capital gains or losses, and Form 4562 for depreciation when required and for the section 179 deduction.
- Supporting statements: Include statements where the return requests them, such as for other income, other deductions, certain inventory costs, and certain balance sheet items.
- New York modifications: Form IT-225 provides the totals for addition and subtraction modifications.
If you filed federal Schedule M-3, submit it and any related documents with Form IT-204. If you adopted LIFO inventory accounting during the tax year, submit federal Form 970.
How to file
Complete the partnership information and the applicable income, deduction, balance sheet, partner, New York modification, allocation, and credit sections. Include the supporting forms and statements requested for your entries.
Have a general partner 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
- Deducting oil and gas depletion on line 21: The form specifically says not to deduct it there.
- Completing Section 5 after filing Schedule M-3: Instead, mark the Schedule M-3 box, submit Schedule M-3 and related documents with Form IT-204, and skip to Section 6.
- Leaving out the explanation for a final return: The final-return checkbox calls for an explanation.
- Listing only New York business locations: Section 10 asks for all places where the partnership carries on business, both inside and outside New York State. Add sheets if needed.
- Skipping formula allocation when needed: If you answer No to using the books and records method on line 118, complete Section 10, Part 2.
Questions people ask
Who signs Form IT-204?
The signature section calls for a general partner’s signature and date.
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 at B2.
What if the 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.
What if the return results from federal audit changes?
Answer Yes to question D1, enter the date of the final federal determination at D2, and indicate at D3 whether you concede the federal audit changes.