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Schedule A

Similar to federal Form 1041, Page 1, Schedule A calculates federal taxable fiduciary income. Note that Schedule A will only calculate for a resident return.

Schedule B

Schedule B calculates any New York fiduciary adjustments, such as adjustments for bonus depreciation and/or adjustments for income on US obligations.

Schedule C

Schedule C is used to allocate New York fiduciary adjustments, as calculated on Schedule B, to its beneficiaries and the fiduciary of the estate or trust. If the Use special allocations for beneficiary amounts checkbox is marked on Screen NYGen, Schedule C will not complete. The special allocation calculation does not use the percentage of DNI and state regulations indicate that Schedule C should not calculate in this scenario. Instead, the adjustment amounts will appear on the Schedule K-1 equivalents.

Returns that have multiple trustees should include all executor/trustee information on Schedule C, line F, regardless if it is included on Form IT-205, Page 1. UltraTax/1041-NY will use the information entered for the first trustee on federal Screen 1041, and all additional trustees entered in the Joint fiduciary information statement dialog also on federal Screen 1041.

Related topic: 1041 New York frequently asked questions

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