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I have a client that has a charitable remainder unitrust (CRUT) in New York. I'm wondering if there are any tax filing reporting requirements in New York state. I understand that the form 5227 needs to be filed at the federal level


The BIDaWIZ Team's Answer:

Unless you're filing a Form 1041, there is not a New York state filing requirement for a charitable remainder trust as of now. The only form necessary is the form 5227 at the federal level.

Per New York TSB-M-10(5)I memorandum, there is a filing requirement for resident trusts not subject to tax by filing Form IT-205 & IT-205-C. However, the federal Form 5227 and the IT-205 form relies on the federal Form 1041. Since you're not filing form 1041, no NY IT-205 form would be required.

The only requirement is to file Form CHAR001-RT in the file year of the charitable remainder trust.

References: New York TSB-M-10(5)I State: New York

The BIDaWIZ Team



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