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My limited partnership (2016 for 1st year) sent me a form…

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My limited partnership (2016 for...
My limited partnership (2016 for 1st year) sent me a form IT-204-IP with my K-1s. Do I need to file this form with NY State (as I am a NYS resident) or do I need to include it with my 2016 NY State return?
Submitted: 7 months ago.Category: Tax
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10/6/2017
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 7 months ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,332
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Hello my name is ***** ***** I will be able to assist you.

The IT-204-IP helps you report your personal income tax.

You as a partner are liable for tax on your share of the partnership income(as you are most likely aware), whether or not distributed. Do not file Form IT-204-IP with your tax return. Keep them for your records.

Full-year New York State residents – Enter the amounts shown in column B, lines 1 through 19, that were reported on your federal return on the corresponding lines on your Form IT-201, Resident Income Tax Return. For more information, see the instructions for Form IT-201.

https://www.tax.ny.gov/pdf/current_forms/it/it201i.pdf

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 7 months ago

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 7 months ago

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Customer reply replied 7 months ago
Hi Chad, thank you for your reply. I don't think I was as clear as I should have been with my question. I understand that I have to report Column B items on the corresponding line of Form IT-201, which I did as the tax prep software I am using ensures this info flows through from my federal return to form IT-201. My question is what do I do with the New York State Amount adjustments shown on column C? For example, if Line 1 (Ordinary Business Income) has -$1.5k for federal (Column B) but $185 for NY State Amount (column C), do I need to make this adjustment somewhere in IT-201 or is what is reported in column C for my information only to be filed away? The only other NY State amounts are deduction (Line 13) and Partner's Share of NY source gross income (Line 29a).
Thank you
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 7 months ago

I'm not following your question. If you are using tax prep software then the software should be automatically carrying your information to the proper forms. Generally, tax software will also give you the option to file electronically and also include instructions on what to file and what to mail if you choose to mail your return.

If you have questions about how to complete the form, I did include instructions, but you shouldn't necessarily need instructions if you are using tax software.

https://www.tax.ny.gov/pdf/current_forms/it/it201i.pdf

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Customer reply replied 7 months ago
You are correct - as I mentioned, my tax software is transferring the info from Column B to IT-201. My question is: what do I do with the info on Column C? Column C has only information on New York State amounts and these were not entered in the federal portion. Do I need to report Column C amount (New York State amounts) somewhere on form IT-201? If not, why were they even provided? Would a picture help? Are you familiar with the layout of Form IT-204-IP which has Column B for Federal K-1 amount and Column C for NY State Amount?
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