IT-205-A: Fiduciary Allocation (2024)

Who files this form

Form IT-205-A applies to:

• Resident estates or trusts with nonresident beneficiaries, if any income distributable to those beneficiaries comes from New York State sources.
• Nonresident estates or trusts and part-year resident trusts.

A resident estate or trust should not complete Form IT-205-A if none of the income distributable to its nonresident beneficiaries comes from New York State sources. Instead, include a statement with Form IT-205 explaining that those beneficiaries’ distributable income consists only of income that is not taxable to nonresident individuals.

What you'll need

Have Form IT-205 and federal Form 1041 available for the amounts this form asks you to transfer. Use the estate or trust name as shown on federal Form SS-4 and provide its identification number.

Depending on the entries that apply, the form asks you to submit:

• Copies of each federal Schedule K-1 (Form 1041) for Schedule 1, line 2, and a computation of the estate tax deduction for line 3.
• Federal Schedule C (Form 1040) for business income, Schedule D (Form 1041) for capital gains or losses, Schedule E (Form 1040) for rents and related income, Schedule F (Form 1040) for farm income, and Form 4797 for ordinary gains or losses.
• A schedule supporting other deductions on Schedule 4, line 28.
• A list of the locations and descriptions of all business places, inside and outside New York State, when completing Schedule 5.
• Computations for capital loss carryovers reported on Schedule 7.
• A copy of federal Form 4684 to report involuntary conversions of New York property from casualty or theft.

For property sales, have the property descriptions, acquisition and sale dates, sales prices, and federal basis and sale expenses needed for Schedules 7 and 8. Schedule 8 also asks for depreciation and improvements.

How to file

Submit Form IT-205-A with Form IT-205, Fiduciary Income Tax Return.

Complete the schedules in the printed order:

• Resident estates or trusts with qualifying nonresident beneficiaries: Schedules 4, 2, and 3.
• Nonresident estates or trusts and part-year resident trusts: Schedules 4, 2, 3, and 1.

Then complete any applicable Schedules 5, 6, 7, and 8. The form refers you to Form IT-205-A-I for detailed instructions.

The supplied text does not give a mailing address or e-filing directions.

Common mistakes

• Do not assume the income percentage is capped at 100%. Schedule 1 says it may be greater than 100%.
• Use the correct sign for the fiduciary adjustment. Schedule 2 says to add a positive adjustment to income and subtract a negative adjustment.
• Do not enter a net loss on Schedule 4, line 32. The form says to enter 0 if there is a net loss.
• Do not fill in Schedule 6, lines 49 through 53. They are intentionally left blank.
• Nonresident beneficiaries must report Schedule 3 items. The form says to report those income and deduction items on lines 1 through 18 of their New York State returns as items derived from or connected with New York State sources.

Questions people ask

When is Schedule 5 needed?

Complete Schedule 5 if the estate or trust carries on business both inside and outside New York State but does not maintain books and records from which the business’s New York income can be determined.

When is Schedule 6 needed?

Complete Schedule 6 if the estate or trust claims a deduction for New York charitable contributions.

When are Schedules 7 and 8 needed?

Complete these schedules if the estate or trust has gains or losses from the sale or disposition of New York property.

How does Schedule 7 distinguish short-term and long-term property holdings?

Part 1 covers New York property held one year or less. Part 2 covers New York property held more than one year.

Official sources

• https://www.tax.ny.gov/pdf/2024/inc/it205a_2024_fill_in.pdf