NY Schedule D-1 (1041 Form) 2011-2024

NY Schedule D-1 (1041 Form) 2022-2024: What You Should Know

If Form IT-205 is not completed by the due date described below, all income or wages of the trust from all source includible in the New Jersey estate or trust taxable year must be includible in the New Jersey estate or trust taxable year of the executor or trustee) (Form IT-205, Form IT-205-J, and Form IT-205-K are not required) Amount of Line 49 to be 2,400, the first tax exclusion amount for the New Jersey estate or trust taxable year, after deduction of 1,500 for the state estate tax deduction. Amount of Line 47 to be 10,000, the limit on the total amount that New Jersey estates or trusts may exclude from gross income for the New Jersey estate or trust taxable year. Amount of line 46 to be 500, the limit on the total amount that New Jersey distributions from New York taxable years or trusts may exclude from gross income for New York estate or trust taxable years. Amount of line 44 to be 1,000 from the state and local income tax on the New Jersey nonpro data share for New Jersey estate or trust taxable year. 0.25 per dollar for any taxable year from the state capital and operating account. (Taxable years for which the trust or NY estate or trust has not received a refund are taxable years for which capital and operating account exemption amounts have not been refunded by an estate or trust prior to June 30, 2019.) 1-year phaseout for New York estate or trust taxable year. (Taxable years for which the trust or NY estate or trust has not received a refund are excluded if the NY estate or trust income tax was not paid by June 30, 2018). Amount of line 40 to be 1,000, the limit on the annual New York state estate tax deduction for New York estate or trusts under schedule J. 0.02 per dollar for any taxable year from the New Jersey local income tax. (Taxable years for which the NY estate or trust had not paid income tax for the New Jersey local tax period are excluded if the NY estate or trust income tax was not paid by June 30, 2018).

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