CT-33-A: Life Insurance Corporation Combined Franchise Tax Return. Also see Life Insurance Company Guaranty Corporation credit . (2024)

Who files this form

Form CT-33-A is the New York Life Insurance Corporation Combined Franchise Tax Return under Tax Law Article 33. It reports tax for a combined group, with columns for the parent corporation, subsidiaries, and intercorporate eliminations.

The supplied form does not explain which corporations are required to join a combined return.

What you'll need

Gather the information and attachments that apply to your return:

• Corporation identification details, including the EIN, file number, legal name, address, and tax period.
• Figures for the parent and subsidiaries covering premiums, payroll, assets, liabilities, income, deductions, and intercorporate eliminations.
• Prepayment amounts and payment dates, including amounts from Forms CT-300, CT-400, and CT-5.3, plus applicable overpayment credits.
• The appropriate form or statement for each tax credit claimed.
• A statement showing the computation of the combined New York net operating loss deduction, if claimed.
• Lists supporting the Schedule D entries that call for attachments, including certain dividend and interest income, subsidiary-capital deductions and income, and New York franchise tax deducted on the federal return.
• Forms CT-399 and CT-225-A for the depreciation and other adjustment amounts entered from those forms, if applicable.

For an amended return, attach documentation for the applicable amended-return items. If more than one disregarded entity is included, attach a list of their names and EINs.

How to file

The form says to see the instructions for where to file. No instructions were supplied, so the available text does not provide a mailing address or e-filing directions.

For payment, the form directs you to:

• Pay the balance due shown on line 26 and enter the payment amount on line A.
• Make payment payable to New York State Corporation Tax.
• Attach the payment in the designated space and detach all check stubs.

The certification area includes spaces for the authorized person's signature, printed name, official title, contact details, and date.

Common mistakes

• Leaving the tax period blank. All filers must enter the beginning and ending dates.
• Missing the overpayment checkbox. Mark an X in the box if you claim an overpayment.
• Omitting required attachments. The form calls for documentation for applicable amended-return items and an appropriate form or statement for each credit claimed.
• Leaving line 48 blank when no allocation is claimed. The form directs you to enter 100.
• Entering a negative tax due on line 17. If line 15 minus line 16 is less than zero, enter 0.
• Overlooking Form CT-33-M. The form says you must file it if any corporation in the combined group did business, employed capital, owned or leased property, or maintained an office in the MCTD.

Questions people ask

Can this form be used for an amended return?

Yes. The form has an amended-return checkbox and an amended-return information area. Mark the applicable items and attach documentation. If you mark final federal determination, enter the determination date.

What if the return includes a disregarded entity?

Answer Yes to question B and enter the entity's legal name and EIN. If there is more than one, attach a list of names and EINs.

How are tax credits reported?

List credits in the tax-credit summary and attach the appropriate form or statement for each credit claimed. Enter the total on line 116 and line 16. Report the refund-eligible portion on line 117.

Can an overpayment be credited instead of refunded?

The form provides lines for an overpayment credit to the next period, a credit to Form CT-33-M, and a refund of the remaining overpayment.

How can corporation contact information be updated?

The form says address or phone information can be updated online. It refers filers to the Business information section of Form CT-1.

Official sources

• https://www.tax.ny.gov/pdf/2024/corp/ct33a_2024.pdf