IT-205: Fiduciary Income Tax Return. (2024)
New York · NY DTF · Used for tax years 2024
Form IT-205 is New York’s Fiduciary Income Tax Return for estates and trusts. It reports income, deductions, New York adjustments, taxes, credits, and payments to calculate a refund or amount owed, including applicable New York City and Yonkers taxes.
What you'll need
Have the estate or trust’s identification number, fiduciary contact information, and beneficiary names, addresses, and identifying numbers available.
The form asks for these attachments where applicable:
- A list of executors or trustees, including their addresses and Social Security numbers or employer identification numbers.
- Federal Schedule K-1 (Form 1041) for each beneficiary when completing Schedule A.
- Federal Schedule C (Form 1040) for business income or loss; Schedule D (Form 1041) for capital gains or losses; Schedule E (Form 1040) for rents, royalties, partnerships, and other estates and trusts; and Schedule F (Form 1040) for farm income or loss.
- Federal Form 4797 for ordinary gains or losses.
- An additional sheet itemizing other deductions reported on line 57.
- A computation of the estate tax deduction reported on line 59.
- Federal Form 8995 or 8995-A for the qualified business income deduction.
- A schedule for nonrefundable state credits.
- An explanation if you are filing an amended return.
How to file
- Sign the return in the space for the fiduciary or officer representing the fiduciary, and provide the requested printed name, date, and contact information.
- If paying by check or money order, complete Form IT-205-V and mail it with your return.
- To pay by electronic funds withdrawal, mark the box on line 41 and complete lines 71 and 72.
The form refers you to the instructions for the mailing address. No mailing address or e-file directions appear in the supplied text.
Common mistakes
- Do not omit Form IT-205-V when paying by check or money order. The form says you must complete it and mail it with your return.
- Make sure the total in Schedule C, column 5, equals the amount on line 70.
- Leave lines 19 and 23 blank if the result for that line is less than zero.
- If filing an amended return, submit an explanation.
- If payment funds would come from, or a refund would go to, an account outside the United States, mark the box on line 71.
- If a paid preparer completes the return, the form says the preparer must complete the paid-preparer section.
Questions people ask
How can I receive my refund?
On line 39, choose direct deposit or a paper check. For direct deposit, also complete line 71 with your account information.
Can I apply an overpayment to next year’s estimated tax?
Yes. On the 2024 return, line 40 lets you apply part or all of the overpayment on line 38 to your 2025 estimated tax.
What account information is requested for direct deposit or electronic funds withdrawal?
Line 71 asks for the account type, routing number, and account number. The listed account types are personal checking, personal savings, business checking, and business savings.
Which amount should I use to check my refund status online?
The form’s tip says to use the refund amount entered on line 39.