I received a New York Schedule K-1 Equivalent for a trust. I am a full-time NYS resident filing an IT-201.
Its contents:
1. Federal Distributable Net Income Beneficiary's federal distribution (Percentage 100 %) - Amount 24175
2. Additions:
B. State and Local Income taxes - 832
C. Other Additions - 69
D. Total Additions - 901
4. Share of Fiduciary Adjustment
A. Net additions - 901 (Under Form IT-225 header)
Column c for 1 and 2 say information only.
Attached to the K-1 Equivalent is a page with a header "Other IT-225 Additions."
It contains the following table:
Description Amount New York Amount
State Fiduciary Adjustment - Estate (Code 901 69. 69.
Total to Schedule K-1 Equivalent, Line 2C 69. 69.
This explains where the 69 came from for line 2c, and told me to use code 901 (I guess it is a coincidence that the code matches a dollar amount) on the IT-225.
In TurboTax, under changes to federal income -> Partner, shareholder and beneficiary adjustments, I entered the $901 and code 901. This populates line 5 on the IT-225, but column b (NYS allocated amount) is blank. Is the $69 or the $901 a NYS allocated amount that needs to be entered in line 5 column b? Should I just leave column b blank? I don't understand what column b would be used for anyways.
If I do need to add the value to line 5 column b, how can I do so? Thank you!
