IT-205 question

[CuriousJoe]

We have established an Irrevocable Trust and filed IRS form 1041

I understand we also have to file IT-205 for NY state
Started reading instructions and my head started spinning

Are all incomes - interest, dividends etc on 1041 included in 205 also?
Any of exemptions that are allowed?

Thank you

 

[38Chevy454]

I fill out and file a 1041 for an irrevocable trust, in OH it takes the federal numbers and just adjusts a few things and then the state tax rate. It's real easy for the state once the fed is done. My 1041 is pretty easy as well, so I don't even use a tax program. I fill out and mail paper forms for both fed and state.


I can't help with NY issues, but if similar to how OH does it then NY state should be not too bad once you get the federal done.

 

[CuriousJoe]

Thank you very much