New York—Personal Income Tax: Fiduciary Return Filers Subject to TCJA Itemized Deduction Rules

21 March 2019

New York has clarified that for filers of Form IT-205, Fiduciary Income Tax Return, the state did not decouple from the new federal Tax Cuts and Jobs Act rules on itemized deductions.

Applicable TCJA Itemized Deduction Limitations

Thus, for example, Form IT-205 filers are not allowed to deduct miscellaneous itemized deductions, such as investment advisory fees.
In addition, Form IT-205 filers cannot deduct any amount of state and local taxes paid that is over the federal $10,000 limit.

Update to 2018 Form IT-205-I, New York Department of Taxation and Finance, March 15, 2019