NY Subtractions

Financial Planning Tax Strategies
1

A CT trust with dividend income only (domestic and a small amount of foreign, of which very little is withheld) has a note at the bottom of the K-1.

“For New York State income tax purposes:
Fiduciary Subtraction … $____.
(Enter above on Form IT-201, Page 2)”

What should be the explanation for the subtraction? It amounts to about a third more than the fiduciary and accountant fees, etc.

It’s last minute but any answer will be appreciated for next year, if not this!

IMBonzi

2

The fiduciary subtraction actually goes on Form IT-225, Schedule B, Part 2 with code ES-901. Entries from Form IT-225 eventually flow to Form IT-201, Page 2.

Ira

3

The fiduciary subtraction actually goes on Form IT-225, Schedule B, Part 2 with code ES-901. Entries from Form IT-225 eventually flow to Form IT-201, Page 2.

Ira

Thank you so much for this much appreciated quick response and solution!

IMBonzi