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UltraTax/1041-NY calculates income on Form IT-205, Schedule B, line 67 by using the information entered for Interest income and Dividends on federal Screens Income, K1 and K1T that have a percentage in the US Govt Oblig column. The calculation is also displayed on the New York Exempt Income and Expense Worksheet.

UltraTax/1041-NY uses expenses directly allocated to US obligations on federal Screen Deduct as well as expenses indirectly allocated to US obligations to calculate the subtraction for expenses on US obligations on Form IT-225. This calculation is also displayed on the New York Exempt Income and Expense worksheet.

Related topic: 1041 New York frequently asked questions

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