I am preparing a final 1041 and IT- 205 NYS return. The New York Trust has taxable interest, dividends and a taxable 1099R from an IRA were the trust was the beneficiary. Three of the five beneficiaries are non-residents of New York. Two of the beneficiaries are NYS residents.
Is NYS Form IT-205A not completed because all the distributable income of the non-resident beneficiaries consist of income that is not taxable to nonresident individuals ? Do the two NYS residents get the $20,000 pension exclusion on their NYS IT-201s ?
Does anyone in the group have any thoughts !