IT-195: Allocation of Refund (2024)
New York · NY DTF · Used for tax years 2024
Form IT-195, Allocation of Refund, is an attachment to New York Form IT-201 or IT-203. It records direct deposit information and refund amounts allocated to up to three NYS 529 college savings accounts, along with the total contribution allocation.
Who files this form
Use Form IT-195 with Form IT-201 or IT-203 if you want to directly deposit all or part of your refund into up to three NYS 529 college savings accounts.
What you'll need
Have the following ready:
- Your Form IT-201 or IT-203, including the name(s) shown on your return and your Social Security number.
- The routing number, account number, and plan code for each NYS 529 account receiving a deposit.
- The amount of your refund you want deposited into each account, in whole dollars.
How to file
- Enter the name(s) shown on your return and your Social Security number.
- In Part 1, enter the deposit amount, routing number, account number, and plan code for each account you choose, up to three accounts. Use whole dollars only.
- In Part 2, add lines 1a, 2a, and 3a. Enter the total on line 4 and on Form IT-201, line 78a, or Form IT-203, line 68a.
- Submit Form IT-195 with Form IT-201 or IT-203.
The form directs you to the instructions for Form IT-201 or IT-203 for instructions on completing Form IT-195.
Common mistakes
- Do not submit more than one Form IT-195 with your return.
- Enter amounts in whole dollars only.
- Remember to submit Form IT-195 with Form IT-201 or IT-203.
Questions people ask
Do I have to put my entire refund into an NYS 529 account?
No. The form lets you directly deposit all or only a portion of your refund into NYS 529 college savings accounts.
How many accounts can receive deposits?
You can allocate your refund to up to three NYS 529 college savings accounts.
Can I submit a separate Form IT-195 for each account?
No. Only one Form IT-195 can be submitted with your return. It has spaces for up to three accounts.
Where do I report the total allocation on my tax return?
Enter the total from Form IT-195, line 4, on Form IT-201, line 78a, or Form IT-203, line 68a.