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Common questions about New York estate or trust beneficiary's shares in Lacerte

by Intuit Updated 1 year ago

The following articles are the top questions referring to New York Estate or Trust beneficiary's Shares of New York modifications, adjustments and credits in Lacerte:

How do you enter Schedule K-1 New York City income and withholdings for a nonresident of New York in Lacerte?

Per the New York Instructions for Form IT-203:

  • If you received a federal Form W-2, Wage and Tax Statement, verify that your social security number on your federal Form W-2 is correct. If there is an error, contact your employer to issue you a corrected form (Form W-2c, Corrected Wage and Tax Statement).
  • You must complete Form(s) IT-2, Summary of W-2 Statements, for any federal Form(s) W-2 (or W-2c) you received.
  • You must complete a W-2 record even if your federal Form W-2 does not show any NYS, New York City (NYC), or Yonkers wages or tax withheld.
  • In addition, if you received foreign income but did not receive a federal Form W-2, you must complete Form IT-2.
  • If you had New York State, New York City, or Yonkers tax withheld from annuities, pensions, retirement pay, or IRA payments, you must complete Form(s) IT-1099-R, Summary of Federal Form 1099-R Statements.

Enter on the appropriate line your total New York State, New York City, and Yonkers tax withheld from:

  • Form(s) IT-2, and
  • Form(s) IT-1099-R, and
  • Form 1099-G, Certain Government Payments, and
  • Form W-2G, Certain Gambling Winnings.

Submit Form(s) IT-2 and Form(s) IT-1099-R with your Form IT-203. In addition, submit any federal Forms 1099-G or W-2G that show any NYS, NYC, or Yonkers tax withheld. Do not submit federal Form W-2 or 1099-R with your return. Keep copies of those forms and the forms you submitted with your return for your records.

Lacerte Tax

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