Form It-501 - Temporary Deferral Nonrefundable Payout Credit - 2014
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1New York State Department of Taxation and Finance
IT-501
Temporary Deferral Nonrefundable Payout Credit
Tax Law – Sections 34 and 606(qq)
Submit this form with Form IT-201, IT-203, or IT-205
Name(s) as shown on return
Identifying number (SSN or EIN )
Schedule A – Computation of credit used and carried over
.
1 Temporary deferral nonrefundable payout credit carryover
...........
1
(from 2013 Form IT-501, line 8)
00
.
2 Tax due before credits
........................................................................................
2
(see instructions)
00
.
3 Tax credits claimed before this credit
.................................................................
3
(see instructions)
00
.
4 Subtract line 3 from line 2 ............................................................................................................
4
00
5 Amount of credit used for the current tax year
(enter the amount from line 1 or line 4, whichever is
.
......................................................................................................................
5
less; see instructions)
00
.
6 Amount of credit available for carryover to next year
....
6
(subtract line 5 from line 1; see instructions)
00
Instructions
Form IT-205 filers: Enter the tax from Form IT-205, line 8 (for
General information
residents), or line 9 (for nonresidents), plus any credits shown
Temporary deferral of certain tax credits
on line 1 of the Addbacks worksheet in the instructions for
Form IT-205, line 12.
For tax years beginning on or after January 1, 2010, and before
January 1, 2013, if the total amount of certain credits that you
Line 3 – If you are applying any credits against the tax before
could use to reduce your tax or have refunded to you was
this credit, enter those amounts here.
greater than $2 million, the excess over $2 million was deferred
When applying credits, use the following rules:
to tax years beginning on or after January 1, 2013.
• First apply any household credit.
Purpose of Form IT-501
• Next apply any credits that cannot be carried over or refunded.
For tax years beginning on or after January 1, 2013, use
• Then apply any credits that can be carried over for a limited
Form IT-501 to claim the temporary deferral nonrefundable
duration.
payout credit.
• Then apply any credits that can be carried over for an
unlimited duration.
Using your accumulated deferred credits
• Apply refundable credits last.
The accumulated amounts of nonrefundable tax credits
that were deferred for tax years beginning on or after
Line 5 – Enter this amount and code 501 on Form IT-201-ATT,
January 1, 2010, and before January 1, 2013, are combined
line 6, or Form IT-203-ATT, line 7, or include it on Form IT-205,
to become your temporary deferral nonrefundable payout
line 10.
credit. Any amount of this credit that is not deductible for the
Line 6 – You will need this amount to complete your 2015
tax year beginning on or after January 1, 2013, and before
Form IT-501.
January 1, 2014, may be carried over to the following year(s) to
be deducted from your tax until the accumulated credit amount
is exhausted.
Line instructions
See the instructions for your tax return for the Privacy notification
or if you need help contacting the Tax Department.
Schedule A – Computation of credit used and
carried over
Line 2 – Form IT-201 filers: Enter the tax from Form IT-201,
line 39, plus any amount from Form IT-201-ATT, line 21.
Form IT-203 filers: Enter the tax from Form IT-203, line 46, plus
any amount from Form IT-203-ATT, line 20.
501001140094
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