Beneficiaries (estates and trusts)
If you have income from an estate or trust, any New York adjustments that apply to that income, as well as any additions to or subtractions from federal itemized deductions, will be shown in your share of a single fiduciary adjustment.
If the adjustment is a net addition, enter the amount and addition modification number EA- 901 on line 5 of Form IT-225.
If the adjustment is a net subtraction, enter the amount and subtraction modification number ES- 901 on line 14 of Form IT-225.
When you have completed Form IT-225, transfer the amounts to Form IT-201 as instructed on Form IT-225.
If you filed federal Form 4970, Tax on Accumulation Distribution of Trusts :
do not include the income you reported on line 1 of Form 4970 on line 11 of Form IT-201 because the IRC considers the distribution part of federal gross income.
do include on line 5 of your Form IT-225 the amount of income you reported on Form 4970, line 1, after subtracting any interest income on state and local bonds and obligations of New York State and its local governments that you included on Form 4970, line 5. See addition modification number A-114 in the instructions for Form IT-225.