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What Is New York Form IT-204?
New York form IT-204, also known as the Partnership Return, is a tax form used by partnerships doing business in the state of New York. The form is used to report the partnership's income, gains, losses, deductions, and credits for the tax year. Partnerships ought to file Form IT-204 annually, even if they did not have any income or activity during the year.
Who Should Use New York Form IT-204?
Partnerships that have income or activity in New York State during the tax year are required to file NYS IT 204 form. A partnership is defined as a business entity that is owned by two or more people who share in the profits and losses of the business. This can include general partnerships, limited partnerships, limited liability partnerships (LLPs), and limited liability companies (LLCs) that are classified as partnerships for tax purposes.
How To Fill Out New York Form IT-204
Filling out New York form IT 204 can be a complex process, but following these steps can help make it easier:
- Gather the necessary information: Before starting the form, make sure to gather all the necessary information, including the partnership's federal tax return (Form 1065), financial statements, and any other supporting documents.
- Complete Part 1: Part 1 of the form asks for basic information about the partnership, including the name and address of the partnership, the federal employer identification number (EIN), and the date the partnership was formed.
- Complete Part 2: Part 2 of the form asks for information about the partnership's income, deductions, and credits. This includes gross receipts or sales, cost of goods sold, salaries and wages, rent and other expenses, and any credits or other deductions.
- Complete Part 3: Part 3 of the form asks for information about the partners, including their names, addresses, and social security numbers. The form also asks for each partner's share of the partnership's income, deductions, and credits.
- Complete Part 4: Part 4 of the form asks for information about the partnership's New York State tax liability. This includes the amount of tax due, any estimated tax payments made during the year, and any credits or refunds.
- Complete Part 5: Part 5 of the form asks for information about the partnership's New York City tax liability, if applicable. This includes the amount of tax due, any estimated tax payments made during the year, and any credits or refunds.
- Sign and submit the form: Once the form is complete, it must be signed by a partner or authorized person and submitted to the New York State Department of Taxation and Finance by the due date.
How to Get New York Form IT-204
New York state form IT 204 can be obtained in several ways:
- Online: The form can be downloaded from the PDFliner website.
- By mail: The form can be requested by mail by contacting the New York State Department of Taxation and Finance.
- In-person: The IT-204 form can be obtained in person at a local New York State Department of Taxation and Finance office.
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Fillable online New York Form IT-204