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 estates and trusts in New York.

Q: Who needs to file Form IT-205?
A: The person or entity acting as the fiduciary of an estate or trust in New York needs to file Form IT-205.

Q: How do I file Form IT-205?
A: Form IT-205 can be filed electronically using tax software, or it can be printed and mailed to the New York State Department of Taxation and Finance.

Q: What is the deadline for filing Form IT-205?
A: The deadline for filing Form IT-205 is April 15th of the year following the tax year. However, if the fiduciary is a fiscal year taxpayer, the deadline is 15 days after the close of the fiscal year.

Q: What information do I need to complete Form IT-205?
A: You will need the taxpayer identification number of the estate or trust, income and deduction details, and any supporting documentation such as Schedule K-1s.

Q: Are there any tax payments due with Form IT-205?
A: Yes, if the estate or trust has a tax liability, payment must be included with the form. Estimated tax payments may also need to be made throughout the tax year.

Q: Are there any penalties for late filing of Form IT-205?
A: Yes, if you fail to file Form IT-205 by the deadline, you may be subject to penalties and interest on the tax due.