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ESBT NY Nonrefundable state credits

  • 1.  ESBT NY Nonrefundable state credits

    Posted 08-26-2019 12:27 PM
    Hello All,

    Do any of you have trusts with income from both an S Corp and other sources?

    On the NY IT-205, line 10 credits are computed without regard to the separately stated tax from the S Corp on line 12.  So in essence, the credit on line 10 is limited to NY (non S portion) tax computed on line 8, even though there is a substantial tax on the S Corp income on line 12.

    Your thoughts?

    Thank you.

    Elizabeth Brown
    Ossining NY