CT-501: Temporary Deferral Nonrefundable Payout Credit (2024)
New York · NY DTF · Used for tax years 2024
New York Form CT-501 calculates the temporary deferral nonrefundable payout credit used for the current tax year and the amount carried over to next year. It covers nonrefundable credits deferred for tax years beginning on or after January 1, 2010, and before January 1, 2013, and
Who files this form
Corporations use Form CT-501 to calculate the temporary deferral nonrefundable payout credit used in the current tax year and carried over to the next year. The form starts with the credit carried forward from last year’s Form CT-501.
The credit covers nonrefundable credits deferred for tax years beginning on or after January 1, 2010, and before January 1, 2013.
What you'll need
To complete the form, have these details available:
- The corporation’s legal name and employer identification number.
- Last year’s Form CT-501, for the credit carryforward entered on line 1.
- Tax due before credits, tax credits claimed before this credit, and the minimum tax limitation.
The form refers to instructions for several entries, but no instructions were provided in the supplied text.
How to file
File Form CT-501 with Form CT-3, CT-3-A, CT-3-S, CT-183, CT-184, CT-186, CT-186-E, or CT-186-P.
The supplied text does not give a mailing address or e-filing directions.
Questions people ask
Is this a refundable credit?
No. Form CT-501 identifies it as a nonrefundable payout credit.
Where do I get the starting credit amount?
Line 1 asks for the temporary deferral nonrefundable payout credit carried forward from last year’s Form CT-501.
How is the credit limitation calculated?
Subtract line 3 from line 2 to get line 4. Then subtract the minimum tax limitation on line 5 from line 4. Enter the result on line 6, or enter 0 if the result is zero or less.
How do I calculate the credit available for next year?
Subtract the credit used for the current tax year on line 7 from the carryforward on line 1. Enter the result on line 8.