Form It-112.1 - New York State Resident Credit Against Separate Tax On Lump-Sum Distributions - 2013 Page 2
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2IT-112.1 (2013) (back)
Figuring your resident credit against separate tax on lump-sum distributions paid to a province of Canada
5 Enter the name of the province of Canada where tax was paid:
6 Enter (in U.S. dollars) the amount of separate tax on lump-sum distributions paid to the Canadian province,
.
including the tax on the capital gain part you elected to treat as ordinary income ........................................ 6
00
The amount to be entered is the amount of separate tax on the ordinary income part of lump-sum
distributions required to be paid after subtracting any credit against the separate tax (other than prepayments
made through withholding or estimated tax).
If the ordinary income part of a lump-sum distribution is not subject to a separate tax by a Canadian province
but is included as income under an income tax imposed by the province, determine the amount to be entered
above using the following formula:
Amount from federal
Form 4972, line 8 that is
Total tax payable to
Amount constituting a
subject to tax by the above
the above Canadian
separate tax on the ordinary
.
.
00
00
Canadian province
$
$
province (after any
income part of lump-sum
=
X
.
credits, exclusive
distributions imposed by the
00
Total income subject to tax by
$
of prepayments)
above province of Canada
the above Canadian province
(enter on line 6)
7 Enter the amount from federal Form 1116, Part II, line 8, that pertains to the separate tax on lump-sum
.
00
distributions paid to the above province ........................................................................................................ 7
8 Portion of the Canadian province’s separate tax on lump-sum distributions not claimed as a credit for
.
00
federal purposes
..................................................................................................... 8
(subtract line 7 from line 6)
9 The credit against New York State separate tax on lump-sum distributions may not exceed:
(a)
Amount from Form IT-230,
line 3 that is subject to tax by
both New York State and the
New York State
.
.
.
00
00
above Canadian province
$
$
00
9
amount from
Credit allowable
X
=
.
Form IT-230,
00
Amount from Form IT-230, $
line 24
line 3
(b) The credit allowed may not reduce the New York State separate tax on the ordinary income part of lump-sum distributions to
an amount less than would be due if the ordinary income part of a lump-sum distribution, subject to tax by both New York State
(Tax Law section 603) and by the Canadian province, were excluded from New York State separate tax on lump-sum distributions.
10 Resident credit claimed against New York State separate tax on lump-sum distributions:
.
Enter the amount from line 8 or line 9, whichever is less .............................................................. 10
00
Individuals: Enter the line 10 amount on Form IT-201-ATT, line 27, or Form IT-203-ATT, line 26.
Fiduciaries: Subtract the line 10 amount from the separate tax on lump-sum distributions computed on Form IT-230, and
include the net amount on Form IT-205, line 12.
If any portion of the Canadian provincial income tax that entitled you to a New York State credit is claimed as a foreign tax credit
on your federal return in a succeeding tax year, the amount claimed here as a credit against New York State tax due must be added
back to your New York State tax liability for that succeeding tax year.
Submit this form, a copy of federal Form 1116, and a copy of federal Form 4972 with Form IT-201, IT-203, or IT-205. Failure to do so will
delay any refund to which you may be entitled or, if you owe taxes, could result in late filing penalties.
111002130094
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