CT-33: Life Insurance Corporation Franchise Tax Return. Also see Life Insurance Company Guaranty Corporation credit . (2024)
New York · NY DTF · Used for tax years 2024
Form CT-33 is New York’s Life Insurance Corporation Franchise Tax Return under Tax Law Article 33. It reports income, capital, premiums, New York allocation amounts, tax credits, and payments to calculate tax due or an overpayment.
Who files this form
Form CT-33 is New York’s Life Insurance Corporation Franchise Tax Return under Tax Law Article 33.
The form also says you must file Form CT-33-M if, during the tax year, you did business, employed capital, owned or leased property, or maintained an office in the Metropolitan Commuter Transportation District.
What you'll need
The form requires these attachments:
- A complete copy of your federal return.
- Your Annual Report of Premiums and Exhibit of Premiums and Losses (New York), as filed with the New York State Department of Financial Services.
- These schedules from your Annual Statement: Assets; Liabilities, Surplus and Other Funds; the Summary by Country portion of Schedule D; the Exhibit of Premiums Written, Schedule T; and Reinsurance Assumed, Part 1 of Schedule S.
Also attach the appropriate form or statement for each tax credit claimed. If you file an amended return, mark the applicable items in the amended return information section and attach documentation.
Other entries may require supporting lists or calculations, including the alternative tax computation, fair market value adjustment, and New York net operating loss deduction.
How to file
Enter the beginning and ending dates of your tax period, complete the applicable schedules, and attach the required documents. Page 7 contains the certification and authorized person’s signature fields.
If you owe a balance, pay the amount on line 21 and enter the payment amount on line A. Make payment payable to New York State Corporation Tax, attach it where indicated on page 1, and detach all check stubs.
The form says to see the instructions for where to file. The supplied text does not include a mailing address or e-file directions.
Common mistakes
- Leaving the tax period blank: All filers must enter beginning and ending dates.
- Missing required attachments: Include the complete federal return and the insurance reports and Annual Statement schedules listed on page 1.
- Not marking an overpayment claim: If you claim an overpayment, mark the box on page 1.
- Leaving line 45 blank when not claiming an allocation: Schedule B says to enter 100 on line 45.
- Omitting unpaid officers from Schedule F: Include all officers, whether or not they received compensation. Also include stockholders who owned more than 5% of the corporation’s issued capital stock and received compensation.
- Using federal reporting for certain older property gains or losses: Schedule E warns that gains or losses on property acquired before January 1, 1974, may no longer be reported in the same manner as on the federal income tax return.
Questions people ask
Do I need to attach my federal return?
Yes. The form requires a complete copy of your federal return.
What if this return includes a disregarded entity?
Mark Yes in item C and enter the entity’s legal name and EIN. If there is more than one, attach a list of names and EINs.
Can I request a refund or carry an overpayment forward?
The form provides lines to credit an overpayment to the next period, credit it to Form CT-33-M, or request a refund. It also has a line for overpayments previously credited to the 2025 mandatory first installment.
How do I report tax credits?
Use the tax credit summary on page 6 and attach the appropriate form or statement for each credit claimed. Enter the total from line 101 on line 12.