What is Form IT-204?
Form IT-204, Partnership Return of Income, is a tax form used by partnerships in New York State to report income, deductions, and credits. This form is important because it helps the state understand how much income the partnership has earned and ensures that partners report their share of that income on their individual tax returns. Filing IT-204 accurately is essential for compliance and can affect each partner's tax liability. Partnerships must file this form annually, even if they did not earn any income.
What is Form IT-204 used for?
Form IT-204 is used by partnerships to report their income to the state. Here’s what it’s for:
- to report partnership income.
- to allocate income to partners.
- to claim credits and deductions.
How to fill out Form IT-204?
- 1
Gather all necessary information about the partnership, including income, deductions, and partner details.
- 2
Open Form IT-204 in the PDF editor.
- 3
Fill in the required fields, ensuring accuracy.
- 4
Review the completed form for errors or missing information.
- 5
Create an electronic signature.
- 6
Download the form to your device.
- 7
Submit the form by mail to the appropriate address.
Who is required to fill out Form IT-204?
Form IT-204 must be completed by partnerships with at least one New York resident partner, or New York source income. It is also required for partnerships without New York income but with resident partners.
After filing, the form is used by the New York State Department of Taxation and Finance to assess tax obligations.
When is Form IT-204 not required?
Partnerships do not need to file Form IT-204 if they have no New York source income and no resident partners. This means if all partners are located outside of New York and the partnership does not earn income from New York sources, filing is unnecessary.
Additionally, if a partnership is not required to file a federal partnership return, it also does not need to file Form IT-204. Always confirm your specific situation with reliable resources, like the IRS or New York State guidelines.
When is Form IT-204 due?
The deadline for Form IT-204, Partnership Return of Income, is the 15th day of the third month following the close of the partnership's tax year. For calendar year filers, this means the due date is March 15, 2025, for the 2024 tax year.
If the due date happens to fall on a weekend or a holiday, the return must be filed on the next business day. Make sure to check your specific tax year to avoid any late penalties.
How to get a blank Form IT-204?
To get a blank IT-204, you can access it directly through our website. Once you open it in our editor, you can fill it out and download it for your records.
This form is issued by the New York State Department of Taxation and Finance
How to sign Form IT-204 online?
To sign form IT-204 using PDF Guru, first fill out the necessary fields in the form within the PDF editor. After completing the form, look for the option to create a simple electronic signature. Place your signature in the designated area on the form.
Once your signature is added, click "Done" to download the completed form. Always check official sources for specific signature requirements before submission to ensure compliance with IRS guidelines.
Where to file Form IT-204?
Form IT-204 must be submitted to the New York State Department of Taxation and Finance.
Submission methods: online or mail.
