IT-205-T: Allocation of Estimated Tax Payments To Beneficiaries (2024)
New York · NY DTF · Used for tax years 2024
Form IT-205-T lets a trust or a decedent’s estate in its final tax year elect to treat estimated tax payments as made by its beneficiaries. It reports the total amount allocated and each beneficiary’s share and proration percentage. Once made, the election is irrevocable.
Who files this form
The fiduciary must file Form IT-205-T to elect to treat some or all of a trust’s or decedent’s estate’s estimated tax payments as payments made by beneficiaries.
A trust may make this election. A decedent’s estate may make it only for its final tax year. Once made, the election cannot be changed.
When it's due
For tax year 2024, the form gives these filing deadlines:
- Trusts: File on or before the 65th day after the close of the tax year.
- Estates: File on or before the 65th day after the close of the tax year in which the estate is terminated.
If the due date falls on a Saturday, Sunday, or legal holiday, you may file on the next business day. The form does not print a specific calendar due date.
What you'll need
Have the following information ready:
- The trust or estate’s name as shown on federal Form SS-4 and its employer identification number.
- The fiduciary’s name, title, and address.
- The total estimated tax payments being allocated.
- Each beneficiary’s name, address, Social Security number or employer identification number, and allocated amount.
For a beneficiary who may file jointly, you may also provide the spouse’s Social Security number, if known. This is optional.
If allocating payments to more than 16 beneficiaries, use an additional Form IT-205-T or a separate sheet in the same format.
How to file
- Enter the total allocation on line 1 and on Form IT-205, line 31.
- List individual beneficiaries with Social Security numbers first, followed by other beneficiaries with employer identification numbers. Enter their identifying numbers and allocated amounts.
- For each beneficiary’s column D percentage, divide column C by line 1, round the result to the fourth decimal place, and enter it as a percentage.
- Total column C, including additional sheets, on line 2. The total must equal line 1.
- Have the fiduciary or officer representing the fiduciary sign and date the form.
Submit Form IT-205-T with Form IT-205, Fiduciary Income Tax Return, only if making the election with that return. Otherwise, file Form IT-205-T separately.
Mail to:
STATE PROCESSING CENTER
PO BOX 61000
ALBANY NY 12261-0001
For private delivery services, see Publication 55, Designated Private Delivery Services.
Common mistakes
- Treating the election as reversible: Once made, it is irrevocable.
- Leaving additional-sheet amounts out of line 2: Include all column C amounts. If using more than one sheet, put the combined total on the last page. It must equal line 1.
- Omitting identifying information on extra sheets: Include your name and taxpayer identification number on a separate sheet. If using additional Forms IT-205-T, complete the page box on each form.
Questions people ask
Must all estimated tax payments be allocated?
No. The trust or eligible estate may elect to allocate any part of its estimated tax payments.
When are the allocated payments treated as paid or credited to beneficiaries?
They are treated as paid or credited on the last day of the trust’s or estate’s tax year.
Is a beneficiary’s spouse’s Social Security number required?
No. For beneficiaries who may file jointly, providing the spouse’s number, if known, is optional and can help the Tax Department credit the proper account.
What if there are more than 16 beneficiaries?
List the additional beneficiaries on another Form IT-205-T or a separate sheet that follows the form’s format.