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New York Free Printable Form IT-501 Temporary Deferral Nonrefundable Payout Credit Tax Year 2023 for 2024 New York Temporary Deferral Nonrefundable Payout Credit

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Temporary Deferral Nonrefundable Payout Credit
Form IT-501 Temporary Deferral Nonrefundable Payout Credit Tax Year 2023

Department of Taxation and Finance Temporary Deferral Nonrefundable Payout Credit For Nonrefundable Credits Deferred for Tax Years Beginning on Or After January 1, 2010 and Before January 1, 2013 IT-501 Tax Law – Sections 34 and 606(qq) Submit this form with Form IT-201, IT-203, or IT-205. See instructions on back.   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 from last year’s Form IT-501 ........... 2 Tax due before credits (see instructions) ......................................................................................... 3 Tax credits claimed before this credit (see instructions) .................................................................. 4 Subtract line 3 from line 2 ............................................................................................................ 5 Amount of credit used for the current tax year (enter the amount from line 1 or line 4, whichever is less; see instructions) ....................................................................................................................... 6 Amount of credit available for carryover to next year (subtract line 5 from line 1)............................. 501001230094 1 2 3 4 .00 .00 .00 .00 5 6 .00 .00 IT-501 (2023) (back) Instructions General information Temporary deferral of certain tax credits For tax years beginning on or after January 1, 2010, and before January 1, 2013, if the total amount of certain credits that you could use to reduce your tax or have refunded to you was greater than $2 million, the excess over $2 million was deferred to tax years beginning on or after January 1, 2013. Purpose of Form IT-501 For tax years beginning on or after January 1, 2013, use Form IT-501 to claim the temporary deferral nonrefundable payout credit. Note: Use this form only for the nonrefundable credits that were deferred for tax years beginning on or after January 1, 2010, and before January 1, 2013. Using your accumulated deferred credits The accumulated amounts of nonrefundable 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 nonrefundable payout credit. Any amount of this credit that is not deductible for the tax year beginning on or after January 1, 2013, and before 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. Form IT-205 filers: Enter the tax from Form IT-205, line 8 (for residents), or line 9 (for nonresidents), plus any credits shown on line 1 of the Addbacks worksheet in the instructions for Form IT-205, line 12. Line 3 – If you are applying any credits against the tax before this credit, enter those amounts here. When applying credits, use the following rules: • First apply any household credit. • Next apply any credits that cannot be carried over or refunded. • Then apply any credits that can be carried over for a limited duration. • Then apply any credits that can be carried over for an unlimited duration. • Apply refundable credits last. Line 5 – Enter this amount and code 501 on Form IT-201-ATT, line 6, or Form IT-203-ATT, line 7, or include it on Form IT-205, line 10. 501002230094
Extracted from PDF file 2023-new-york-form-it-501.pdf, last modified November 2014

More about the New York Form IT-501 Individual Income Tax Tax Credit TY 2023

We last updated the Temporary Deferral Nonrefundable Payout Credit in January 2024, so this is the latest version of Form IT-501, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IT-501 directly from TaxFormFinder. You can print other New York tax forms here.


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Other New York Individual Income Tax Forms:

TaxFormFinder has an additional 271 New York income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form IT-201 Individual Income Tax Return
Form IT-201-D Resident Itemized Deduction Schedule (DISCONTINUED)
IT-201-V Payment Voucher for Income Tax Returns
Form IT-201-I Individual Income Tax Return Instructions
Form IT-203 Nonresident Income Tax Return

Download all NY tax forms View all 272 New York Income Tax Forms


Form Sources:

New York usually releases forms for the current tax year between January and April. We last updated New York Form IT-501 from the Department of Taxation and Finance in January 2024.

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Form IT-501 is a New York Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of New York Form IT-501

We have a total of twelve past-year versions of Form IT-501 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Form IT-501

Form IT-501 Temporary Deferral Nonrefundable Payout Credit Tax Year 2023

2022 Form IT-501

Form IT-501 Temporary Deferral Nonrefundable Payout Credit Tax Year 2022

2021 Form IT-501

Form IT-501 Temporary Deferral Nonrefundable Payout Credit Tax Year 2021

2020 Form IT-501

Form IT-501:2019:Temporary Deferral Nonrefundable Payout Credit:it501

2019 Form IT-501

Form IT-501:2019:Temporary Deferral Nonrefundable Payout Credit:it501

2018 Form IT-501

Form IT-501:2018:Temporary Deferral Nonrefundable Payout Credit:it501

2017 Form IT-501

Form IT-501:2017:Temporary Deferral Nonrefundable Payout Credit:it501

2016 Form IT-501

Form IT-501:2016:Temporary Deferral Nonrefundable Payout Credit:it501

2015 Form IT-501

Form IT-501:2015:Temporary Deferral Nonrefundable Payout Credit:it501

Temporary Deferral Nonrefundable Payout Credit 2014 Form IT-501

Form IT-501:2014:Temporary Deferral Nonrefundable Payout Credit:it501

Temporary Deferral Nonrefundable Payout Credit 2013 Form IT-501

Form IT-501:2013:Temporary Deferral Nonrefundable Payout Credit:it501

2012 Form IT-501

Form IT-501:2012:Temporary Deferral Nonrefundable Payout Credit:it501


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