Form It-502 - Temporary Deferral Refundable Payout Credit - 2014
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1New York State Department of Taxation and Finance
IT-502
Temporary Deferral Refundable Payout Credit
Tax Law Sections 34 and 606(rr)
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
.
1 Temporary deferral refundable payout credit to be claimed in 2014 and 2015
1
(from 2013 Form IT-502, line 5)
00
.
2 Credit available for the current tax year
2
(multiply line 1 by 75% (.75); see instructions) .....................................
00
.
3 Credit to be claimed in 2015
3
(subtract line 2 from line 1; see instructions) ...........................................................
00
Instructions
General information
Line instructions
See the instructions for your tax return for the Privacy notification
Temporary deferral of certain tax credits
or if you need help in contacting the Tax Department.
For tax years beginning on or after January 1, 2010, and before
Schedule A – Computation of credit
January 1, 2013, if the total amount of certain credits that you
could use to reduce your tax or have refunded to you was
Line 2 – Enter the amount from line 2 and code 502 on
greater than $2 million, the excess over $2 million was deferred
Form IT-201-ATT, line 12, or Form IT-203-ATT, line 12, or include
to tax years beginning on or after January 1, 2013.
it on Form IT-205, line 33.
–
Line 3
You will need this amount to complete your 2015
Purpose of Form IT-502
Form IT-502.
For tax years beginning on or after January 1, 2013, use
Form IT-502 to claim the temporary deferral refundable payout
credit.
The accumulated amounts of refundable tax credits that were
deferred for tax years beginning on or after January 1, 2010,
and before January 1, 2013, are combined to become your
temporary deferral refundable payout credit. Taxpayers are
allowed to claim this credit over a period of three tax years as
follows:
Tax year
Claim amount allowed
Beginning on or after
50% of the total
January 1, 2013, and before
accumulated credit
January 1, 2014
Beginning on or after
75% of the balance of the
January 1, 2014, and before
accumulated credit
January 1, 2015
Beginning on or after
The remaining balance of the
January 1, 2015, and before
accumulated credit
January 1, 2016
If the amount of the temporary deferral refundable payout credit
allowed for each year exceeds your tax for the year, the excess
will be treated as a refund or overpayment of tax to be credited
to next year’s tax. Interest will not be paid on the refund or
overpayment.
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