Form IT-204-CP: New York Corporate Partner’s Schedule K-1 for Tax Year 2025

Form IT-204-CP is the New York State Schedule K-1 that partnerships issue specifically to their corporate partners. If your partnership has one or more corporations as partners, this is the document you use to report each corporate partner’s share of income, deductions, credits, and other tax items that flow through from the partnership’s New York activity. It’s issued by the New York State Department of Taxation and Finance and works alongside the partnership’s main filing, Form IT-204.

Think of it as the corporate-partner counterpart to the individual partner K-1. While individual and other non-corporate partners receive different reporting forms, corporations that hold a partnership interest in a business operating in New York get IT-204-CP. This distinction matters because corporate partners are subject to New York’s corporate franchise tax rules, not personal income tax rules, so the information they need looks different from what a person filing an IT-203 or resident return would need.

Who Needs to File This Form

The partnership itself is responsible for preparing and distributing Form IT-204-CP to each corporate partner. If your business is organized as a partnership, LLC taxed as a partnership, or similar pass-through entity, and any of your partners are corporations (C corps, S corps electing certain treatments, or other corporate entities), you’ll need to generate this schedule for those partners as part of your annual New York filing obligations.

Corporate partners, on the other hand, use the information reported on IT-204-CP to complete their own New York State corporate tax returns. They rely on the figures here to calculate their share of apportioned income, credits, and adjustments tied to the partnership’s New York-source business activity. Without an accurate IT-204-CP, a corporate partner can’t properly report its distributive share on its own franchise tax filing.

When You’ll Use It

Form IT-204-CP is prepared annually, alongside the partnership’s IT-204 filing, for any tax year in which the partnership has corporate partners and New York-source income to report. It gets filed for tax year 2025 covering that specific reporting period, and a separate schedule is required for each corporate partner in the partnership, since every partner’s distributive share differs based on ownership percentage and any special allocations.

Partnerships also need to keep in mind related reporting obligations depending on their structure. For example, if the partnership involves nonresident partners or specific allocation scenarios across multiple years, forms like Form IT-203-F may come into play for allocating income properly. And if you’re already familiar with corporate partner reporting, it’s worth comparing IT-204-CP against Form IT-204.1, which covers the broader Schedule K summary of corporate partners’ shares before the individual K-1 style breakdowns are issued on IT-204-CP.

How to Get and Complete the Form

Form IT-204-CP is available as a fillable PDF (AcroForm) directly from the New York State Department of Taxation and Finance website. Because it supports digital fill-in fields, you can complete it on your computer using standard PDF software rather than printing and filling it out by hand, which reduces errors and makes it easier to keep clean copies for your records.

When completing the form, you’ll need the partnership’s basic identifying information, the corporate partner’s name and identification number, and the specific financial details reflecting that partner’s share of income, deductions, New York modifications, and credits. Accuracy matters here since the corporate partner will use these exact figures on their own return, and mismatches between what the partnership reports and what the corporate partner claims can trigger notices or delays from the state.

If your partnership also has nonresident partners involved in group filings, such as athletic team arrangements, it’s worth checking whether forms like Form IT-203-TM-ATT-A Schedule A apply to other partners in the same entity, since larger partnerships often need to prepare several different schedules depending on partner type in a single tax year.

Once completed, the partnership distributes a copy of IT-204-CP to each corporate partner and retains copies for its own records, since these schedules support the totals reported on the partnership’s IT-204 filing and may be requested during a state review.