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Page 10 of 19 IT-205-I (2020)
If the estate or trust had a gain or loss recognized on its New York State tax rate schedule (for line 6)
federal income tax return because of the disposition of stock If the amount on line 5 is:
or indebtedness of an S corporation, and if that S corporation but
did not have an election to treat the corporation as a New York over not over Enter on line 6:
S corporation in effect for any tax year beginning: $ 0 $ 8,500 4% of amount on line 5
– after December 31, 1980, if taxable as a corporation under Tax 8,500 11,700 $ 340 plus 4.5% of amount over $ 8,500
Law Article 9-A (General Business Corporation Franchise Tax); or 11,700 13,900 484 plus 5.25% " " " 11,700
– after December 31, 1996, if taxable as a corporation under Tax 13,900 21,400 600 plus 5.9% " " " 13,900
Law Article 32 (Banking Corporation Franchise Tax) when it was 21,400 80,650 1,042 plus 6.09% " " " 21,400
in effect before its repeal; 80,650 215,400 4,650 plus 6.41% " " " 80,650
215,400 1,077,550 13,288 plus 6.85% " " " 215,400
then include on line 2 as an addition the increase in basis of stock or 1,077,550 ................... 72,345 plus 8.82% “ “ “ 1,077,550
indebtedness that is due to the application of IRC sections 1376(a)
(as in effect for tax years beginning before January 1, 1983) and
1367(a)(1)(A) and (B) for each tax year that the New York election Tax computation worksheet 1
was not in effect and include on line 2 as a subtraction the reduction If NYAGI worksheet, line 5, is more than $107,650, but not more
in basis of stock or indebtedness that is due to the application of than $1,077,550, and the estate’s or trust’s taxable income from
IRC sections 1376(b) (as in effect for tax years beginning before Form IT-205, line 5, is $215,400 or less, the estate or trust must
January 1, 1983) and 1367(a)(2)(B) and (C) for each tax year that compute its tax using this worksheet.
the New York election was not in effect.
1 Enter the amount from NYAGI worksheet,
Line 4 Fiduciary’s share of New York fiduciary adjustment line 5 ................................................................ 1
Enter on this line the total of the fiduciary’s share of New York 2 Enter the estate’s or trust’s taxable income
fiduciary adjustment from Form IT-205, Schedule C, columns 5 and from Form IT-205, line 5................................... 2
6. 3 Multiply line 2 above by 6.41% (.0641) (Stop:
Special rule if entire net income is taxable to the fiduciary – If If the line 1 amount above is $157,650 or
of the income of the estate or trust is taxable to the fiduciary for more, skip lines 4 through 8 and enter the
all line 3 amount on line 9) ................................... 3
the 2020 tax year, enter the amount from Form IT-205, Schedule B,
lines 70 and 70c. 4 Enter the estate’s or trust’s New York State tax
on the line 2 amount above from the New York
Line 6 New York State tax State tax rate schedule ................................... 4
NYAGI worksheet 5 Subtract line 4 from line 3 ............................... 5
6 Enter the excess of line 1 over $107,650 ....... 6
Complete NYAGI worksheet as follows:
7 Divide line 6 by $50,000 and round the result
1 Enter federal adjusted gross income (see to the fourth decimal place .............................. 7
Adjusted gross income (AGI) in the instructions 8 Multiply line 5 by line 7 .................................... 8
for federal Form 1041) .................................... 1
9 Add lines 4 and 8. Enter here and on
2 Enter amount from Form IT-205, line 2 ........... 2 Form IT-205, line 6 .......................................... 9
3 Enter the net amount of the fiduciary share of
additions and subtractions from Form IT-205, Tax computation worksheet 2
Schedule B, lines 63 through 69, that relate to If NYAGI worksheet, line 5, is more than $215,400, but not more
the income reported on Form IT-205, lines 43 than $1,077,550, and the estate’s or trust’s taxable income from
through 50 ...................................................... 3 Form IT-205, line 5, is more than $215,400, the estate or trust
3a Enter the net amount of the fiduciary share of must compute its tax using this worksheet.
additions and subtractions from Form IT-205, 1 Enter the amount from NYAGI worksheet,
Schedule B, lines 70a and 70b, that relate to line 5 ............................................................... 1
the income reported on Form IT-205, lines 43
through 50 ...................................................... 3a 2 Enter the estate’s or trust’s taxable income
from Form IT-205, line 5................................... 2
4 Combine lines 2, 3, and 3a ............................. 4 3 Multiply line 2 above by 6.85% (.0685) (Stop:
5 NYAGI (line 1 plus or minus line 4; enter here and If the line 1 amount above is $265,400 or
on Form IT-205, page 1, Item B) .......................... 5 more, skip lines 4 through 10 and enter the
line 3 amount on line 11) ................................. 3
4 Enter the estate’s or trust’s New York State tax
Tax computation on the line 2 amount above from the New York
• If NYAGI worksheet, line 5, is $107,650 or less, compute State tax rate schedule .................................... 4
the estate’s or trust’s New York State tax on the amount on 5 Subtract line 4 from line 3 ............................... 5
Form IT-205, line 5, using the New York State tax rate schedule
below. Enter the tax amount on Form IT-205, line 6. 6 Enter $519 on line 6 ........................................ 6 519
• If NYAGI worksheet, line 5, is more than $107,650, the estate or 7 Subtract line 6 from line 5 ............................... 7
trust must compute its tax using the appropriate tax computation 8 Enter the excess of line 1 over $215,400 ........ 8
worksheet below and on page 11. 9 Divide line 8 by $50,000 and round the result
to the fourth decimal place .............................. 9
10 Multiply line 7 by line 9 .................................... 10
11 Add lines 4, 6, and 10. Enter here and on
Form IT-205, line 6 ........................................... 11
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