Form IT-204-IP PDF Details

When partners in New York navigate their tax obligations, they must familiarize themselves with the IT-204-IP form, a crucial document laying out a partner's share of income, deductions, and credits from a partnership. Crafted by the New York State Department of Taxation and Finance, this form serves as the New York Partner’s Schedule K-1 under Tax Law Article 22, which covers Personal Income Tax. It's designed for use within the specific tax year it's issued for, in this case, the 2011 calendar year or a fiscal year that begins and ends in 2011. The form requires detailed information, including the partnership's name and Employer Identification Number (EIN), the partner’s identification and share of profits, losses, and capital, as well as their share of liabilities and capital account analysis. Additionally, it dives into intricate details such as the partner's resident status, estimated taxes paid on their behalf, and a thorough breakdown of their distributive share items and New York modifications. To guide partners through this maze of information, instructions and further details are provided by Form IT-204-IP-I. This step is critical before a partner can accurately complete their income tax return, emphasizing the form's role in ensuring that all information related to a partnership’s income, deductions, credits, and taxes paid is accurately reported and processed by the state tax department.

QuestionAnswer
Form Name Form It 204 Ip
Form Length 4 pages
Fillable? No
Fillable fields 0
Avg. time to fill out 1 min
Other names EZ, 2011, IT-204-IP, nyc 204 instructions 2017

Form Preview Example

New York State Department of Taxation and Finance

New York Partner’s Schedule K-1

Tax Law — Article 22 (Personal Income Tax)

For calendar year 2011 or tax year beginning

1 1

and ending

IT-204-IP

Final K-1

Amended K-1

Partners: Before completing your income tax return, see Form IT-204-IP-I, Partner’s Instructions for Form IT-204-IP (available at www.tax.ny.gov).

Partnership’s information ( see instructions )

Partnership’s name ( as shown on Form IT-204 )

Partnership’s EIN

A

Mark an X in the box if either applies to your entity

 

Publicly traded partnership

 

Portfolio investment partnership

 

B

Tax shelter registration number, if any

 

 

 

B

 

 

 

 

 

 

 

 

 

 

 

C Business allocation percentage

 

 

 

 

C

 

 

%

 

 

 

 

 

 

 

Partner’s information ( see instructions )

Partner’s name

Partner’s address

City

State

ZIP code

 

 

 

Partner’s identifying number

D The partner is a (mark an X in the appropriate box)

General partner or LLC member-manager

Limited partner or other LLC member

E

What is the tax iling status of the partner? ( Mark an X in the appropriate box, if known. )

 

Individual

 

F

If the partner is a disregarded entity or grantor trust,

 

 

 

enter the tax ID of the entity or individual reporting the income, if known

 

F

Estate/trust

Partnership

G Did the partner sell its entire interest during the tax year?

................................................................................

 

 

G Yes

H Partner’s share of proit, loss, and capital

 

Beginning

 

 

 

 

 

1)

Proit

H1

 

 

 

%

2)

Loss

H2

 

 

 

%

3)

Capital

H3

 

 

 

%

IPartner’s share of liabilities at the end of the year

1)

Nonrecourse

I1

2)

Qualiied nonrecourse inancing

I2

3)

Recourse

I3

JPartner’s capital account analysis

1)

Beginning capital account

J1

2)

Capital contributed during the year – cash

J2

3)

Capital contributed during the year – property

J3

4)

Current year increase (decrease)

J4

5)

Withdrawals and distributions – cash

J5

6)

Withdrawals and distributions – property

J6

7)

Ending capital account

J7

8)Method of accounting ( mark an X in the appropriate box )

No

Ending

%

%

%

Tax basis

GAAP

Book

Other ( attach explanation )

KResident status ( mark an X in all boxes that apply )

 

 

NYS full-year resident

 

Yonkers full-year resident

 

NYC full-year resident

 

 

NYS part-year resident

 

Yonkers part-year resident

 

NYC part-year resident

 

 

 

 

 

 

NYS nonresident

 

Yonkers nonresident

 

 

 

 

 

 

 

 

 

L If the partner was included in a group return, enter the special NYS identiication number, if known ... L

 

1181110094

Please file this original scannable form with the Tax Department.

Page 2 of 4 IT-204-IP (2011)

 

 

M 1)

Was Form IT-2658-E iled with the partnership?

M1

Yes

2)

Was Form MTA-405-E iled with the partnership?

M2

Yes

No No

N NYS estimated tax paid on behalf of partner ( from Form IT-2658 )

 

Date

 

 

 

Amount

 

1)

First installment

 

 

N1

 

 

 

 

 

 

 

2)

Second installment

 

 

N2

 

 

 

 

 

 

 

3)

Third installment

 

 

N3

 

 

 

 

 

 

 

4)

Fourth installment

 

 

N4

 

 

 

 

 

 

 

Total NYS estimated tax paid on behalf of partner ( add lines N1 through N4 )

 

N

 

O Estimated MCTMT paid on behalf of partner ( from Form MTA-405 )

 

Date

 

 

 

Amount

 

1)

First installment

 

 

O1

 

 

 

 

 

 

 

2)

Second installment

 

 

O2

 

 

 

 

 

 

 

3)

Third installment

 

 

O3

 

 

 

 

 

 

 

4)

Fourth installment

 

 

O4

 

 

 

 

 

 

 

Total estimated MCTMT paid on behalf of partner ( add lines O1 through O4 )

 

O

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Partner’s share of income, deductions, etc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A — Partner’s distributive share items

 

 

B — Federal K-1 amount

 

C — New York State amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

Ordinary business income ( loss )

 

1.

 

 

 

 

1.

 

2

Net rental real estate income ( loss )

 

2.

 

 

 

 

2.

 

3

Other net rental income ( loss )

 

3.

 

 

 

 

3.

 

4

Guaranteed payments

 

4.

 

 

 

 

4.

 

5

Interest income

5.

 

 

 

 

5.

 

6

Ordinary dividends

6.

 

 

 

 

6.

 

7

Royalties

7.

 

 

 

 

7.

 

8

Net short-term capital gain ( loss )

 

8.

 

 

 

 

8.

 

9

Net long-term capital gain ( loss )

 

9.

 

 

 

 

9.

 

10

Net section 1231 gain ( loss )

 

10.

 

 

 

 

10.

 

11

Other income ( loss )

Identify:

 

11.

 

 

 

 

11.

 

12

Section 179 deduction

 

12.

 

 

 

 

12.

 

13

Other deductions

Identify:

 

13.

 

 

 

 

13.

 

14

Tax preference items for minimum tax

 

14.

 

 

 

 

14.

 

 

 

 

Identify:

 

 

 

 

 

 

 

 

 

15

Net earnings ( loss ) from self-employment

 

15.

 

 

 

 

15.

 

16

Tax-exempt income and nondeductible expenses

 

16.

 

 

 

 

16.

 

17

Distributions — cash and marketable securities

 

17.

 

 

 

 

17.

 

18

Distributions — other property

 

18.

 

 

 

 

18.

 

19Other items not included above that are required to be

reported separately to partners

19.

 

 

19.

 

Identify:

Partner’s share of New York modifications ( see instructions )

20New York State additions

Number

A — Total amount

B — New York State allocated amount

20a.

20b.

20c.

20d.

20e.

20f .

EA

EA

EA

EA

EA

EA

21 Total addition modiications ( total of column A, lines 20a through 20f )............................................

21.

1182110094

Please file this original scannable form with the Tax Department.

IT-204-IP (2011) Page 3 of 4

Partner’s share of New York modifications ( continued )

22New York State subtractions

 

 

Number

 

A — Total amount

B — New York State allocated amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22a.

 

E S

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22b.

 

E S

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22c.

 

E S

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22d.

 

E S

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22e.

 

E S

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22f .

 

E S

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23

.......................................Total subtraction modiications ( total of column A, lines 22a through 22f )

23.

24 Additions to federal itemized deductions

 

 

 

 

 

 

Letter

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24a.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24b.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24c.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24d.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24e.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24f .

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25 Total additions to federal itemized deductions ( add lines 24a through 24f )

25.

26Subtractions from federal itemized deductions

 

Letter

Amount

 

 

 

 

 

 

 

 

 

 

26a.

 

 

 

 

 

 

 

26b.

 

 

 

 

 

 

 

26c.

 

 

 

 

 

 

 

26d.

 

 

 

 

 

 

 

26e.

 

 

 

 

 

 

 

26f .

 

 

 

 

 

 

 

27

Total subtractions from federal itemized deductions ( add lines 26a through 26f )

 

27.

 

28

New York adjustments to tax preference items

 

 

28.

Partner’s other information

29a.

Partner’s share of New York source gross income

29a.

 

 

 

 

 

 

 

 

29b.

MCTD allocation percentage ( see instructions )

 

 

29b.

 

Partner’s credit information

Part 1 — Pass-through credit bases and factors

Brownfield redevelopment tax credit ( Form IT-611 or IT-611.1 )

 

 

 

A — Form IT-611

 

 

B — Form IT-611.1

 

 

 

 

 

 

 

30

Site preparation credit component

30.

 

 

30.

 

31

Tangible property credit component

31.

 

 

31.

 

32

On-site groundwater remediation credit component ....

32.

 

 

32.

 

1183110094

%

Please file this original scannable form with the Tax Department.

Page 4 of 4 IT-204-IP (2011)

Partner’s credit information ( continued )

EZ capital tax credit ( Form IT-602 )

33Contributions of money to EZ community development projects ................................................

34Recapture of credit for investments in certiied EZ businesses ...................................................

35Recapture of credit for contributions of money to EZ community development projects ...........

QEZE tax reduction credit ( Form IT-604 )

36QEZE employment increase factor

37QEZE zone allocation factor .........................................................................................................

38QEZE beneit period factor ..........................................................................................................................................................................................................

Excelsior jobs program tax credit ( Form IT-607 )

39Excelsior jobs tax credit component ............................................................................................

40Excelsior investment tax credit component .................................................................................

41Excelsior research and development tax credit component ........................................................

42Excelsior real property tax credit component ..............................................................................

Farmers’ school tax credit ( Form IT-217 )

43Acres of qualiied agricultural property .........................................................................................

44Acres of qualiied conservation property ......................................................................................

45Eligible school district property taxes paid ..................................................................................

46Acres of qualiied agricultural property converted to nonqualiied use ........................................

Other pass-through credit bases and factors

Credit bases

Code

Amount

Code

Amount

33.

34.

35.

36.

37.

38.

39.

40.

41.

42.

43.

44.

45.

46.

47a.

47b.

47c.

Credit factors

CodeFactor

47g.

47h.

47d.

47e.

47f .

CodeFactor

47 i .

47 j .

Code

47k.

47l .

Factor

Part 2 — Pass-through credits, addbacks and recaptures

48Long-term care insurance credit ( Form IT-249 ) .............................................................................

49Investment credit ( including employment incentive credit and historic barn rehabilitation credit; Form IT-212 )

50Research and development — investment credit ( Form IT-212 ) ...................................................

51Other pass-through credits

 

 

Code

 

Amount

 

 

Code

Amount

 

 

 

 

 

 

 

 

 

 

 

51a.

 

 

 

 

 

51e.

 

 

 

 

51b.

 

 

 

 

 

51 f .

 

 

 

 

51c.

 

 

 

 

 

51g.

 

 

 

 

51d.

 

 

 

 

 

51h.

 

 

 

 

48.

49.

50.

52Addbacks of credits and recaptures

CodeAmount

52a.

52b.

52c.

CodeAmount

52d.

52e.

52f .

1184110094

Please file this original scannable form with the Tax Department.

How to Edit Form IT-204-IP Online for Free

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With regards to the fields of this particular document, here is what you need to know:

1. Begin filling out the EZ with a group of essential blanks. Note all the necessary information and be sure nothing is neglected!

Filling out part 1 in K-1

2. The third step is usually to complete the following blank fields: Beginning, Proit H Loss H Capital H, Nonrecourse I Qualiied, G Did the partner sell its entire, Beginning capital account J, Ending, K Resident status mark an X in, Tax basis, GAAP, Book, Other attach explanation, NYS fullyear resident NYS partyear, Yonkers fullyear resident Yonkers, NYC fullyear resident NYC partyear, and If the partner was included in a.

Filling out segment 2 of K-1

3. This 3rd step is generally pretty easy, Page of, ITIP, M Was Form ITE iled with the, No No, N NYS estimated tax paid on behalf, First installment N Second, Date, Amount, Total NYS estimated tax paid on, O Estimated MCTMT paid on behalf, First installment O Second, Date, Amount, Total estimated MCTMT paid on, and Partners share of income - all of these empty fields will have to be completed here.

First installment  N  Second, Total NYS estimated tax paid on, and N NYS estimated tax paid on behalf inside K-1

4. This subsection comes with these particular empty form fields to fill out: Ordinary business income loss, reported separately to partners, Identify, Partners share of New York, New York State additions, Number, A Total amount, B New York State allocated amount, and a E A b E A c E A d E A e E A f.

Filling in segment 4 of K-1

It is possible to get it wrong while completing your reported separately to partners, therefore be sure to reread it before you send it in.

5. Because you come near to the finalization of this document, there are a few extra requirements that need to be met. In particular, a E A b E A c E A d E A e E A f, Total addition modiications, and Please file this original scannable should all be filled in.

Completing section 5 of K-1

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