New York Temporary Deferral Refundable Payout Credit (OBSOLETE)

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Form IT-502 is obsolete, and is no longer supported by the New York Department of Revenue.

Temporary Deferral Refundable Payout Credit (OBSOLETE)
Form IT-502:2015:Temporary Deferral Refundable Payout Credit:it502Department of Taxation and Finance

Temporary Deferral Refundable Payout Credit
Tax Law Sections 34 and 606(rr)

IT-502

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	Credit to be claimed in 2015 (from 2014 Form IT-502, line 3; see instructions) .....................................................	 1	

.00

Instructions
General information

Line instructions

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-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		

Beginning on or after
January 1, 2013, and before
January 1, 2014
Beginning on or after
January 1, 2014, and before
January 1, 2015
Beginning on or after
January 1, 2015, and before
January 1, 2016

Claim amount allowed

50% of the total
accumulated credit
	
75% of the balance of the
accumulated credit
	
The remaining balance of the
accumulated credit

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.

502001150094

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

Line 1 – Enter the amount from line 1 and code 502 on
Form IT-201-ATT, line 12, or Form IT-203-ATT, line 12, or include
it on Form IT-205, line 33.

Extracted from PDF file 2019-new-york-form-it-502.pdf, last modified November 2014

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More about the New York Form IT-502 Individual Income Tax Tax Credit

*Available for 2015

We last updated the Temporary Deferral Refundable Payout Credit (OBSOLETE) in March 2021, and the latest form we have available is for tax year 2019. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the New York Department of Taxation and Finance. 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 Tax Return
IT-201-V	Payment Voucher for Income Tax Returns Voucher
Form IT-201-D	Resident Itemized Deduction Schedule (DISCONTINUED)
Form IT-203	Nonresident Income Tax Return Nonresident
Form IT-201-I	Individual Income Tax Return Instructions 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-502 from the Department of Taxation and Finance in March 2021.

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Form IT-502 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-502

We have a total of eight past-year versions of Form IT-502 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:

2019 Form IT-502