Form IT-205 Schedule C

Schedule C allocates New York fiduciary adjustments, as calculated on Schedule B, to its beneficiaries and the fiduciary of the estate or trust. If you mark the
Use special allocations for beneficiary amounts
checkbox on the NYGen screen, Schedule C won’t complete. The special allocation calculation doesn’t use the percentage of DNI, and state regulations indicate that Schedule C shouldn't calculate in this scenario. Instead, the adjustment amounts will appear on the Schedule K-1 equivalents.
Returns with multiple trustees should include all executor or trustee information on Schedule C, line F, regardless if it's included on Form IT-205, Page 1. UltraTax CS will use the information entered for the 1st trustee on the federal 1041 screen, and all extra trustees entered in the
Joint fiduciary information
statement window on the federal 1041 screen.
Yonkers residents:
UltraTax CS assumes that beneficiaries are nonresidents of Yonkers and marks the fields on Schedule C accordingly. To indicate the beneficiary of Yonkers is a resident go to
View
,
Beneficiary information
, then the
New York
tab.
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