Instructions for Form IT-205 Fiduciary Income Tax Return - New York

Form IT-205 Fiduciary Income Tax Return - New York

This document contains official instructions for Form IT-205 , Fiduciary Income Tax Return - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form IT-205 is available for download through this link.

FAQ

Q: What is Form IT-205?
A: Form IT-205 is the Fiduciary Income Tax Return for the state of New York.

Q: Who needs to file Form IT-205?
A: Any person or entity acting as a fiduciary, such as an estate or trust, that has income from New York sources or that is required to file a federal fiduciary income tax return must file Form IT-205.

Q: When is the due date to file Form IT-205?
A: Form IT-205 is due on or before April 15th of the year following the close of the tax year, unless an extension of time to file has been requested and granted.

Q: What information is required to complete Form IT-205?
A: To complete Form IT-205, you will need information about the fiduciary, the estate or trust assets, income, deductions, and credits.

Q: Are there any penalties for late filing of Form IT-205?
A: Yes, there are penalties for late filing of Form IT-205, including late payment penalties and interest on any unpaid tax balance.