IT-501: Temporary Deferral Nonrefundable Payout Credit (2024)
New York · NY DTF · Used for tax years 2024
Form IT-501 calculates the New York temporary deferral nonrefundable payout credit used in 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.
Who files this form
Use Form IT-501 to calculate the temporary deferral nonrefundable payout credit used this year and the amount carried over to next year. The form covers nonrefundable credits deferred for tax years beginning on or after January 1, 2010, and before January 1, 2013.
Submit it with Form IT-201, IT-203, or IT-205.
What you'll need
Have these forms and details available:
- Last year’s Form IT-501, showing your temporary deferral nonrefundable payout credit carryover.
- Your Form IT-201, IT-203, or IT-205, with your name and identifying number (SSN or EIN).
- Your tax due before credits and the amount of tax credits claimed before this credit.
The form refers to instructions for the tax amounts, but those instructions are not included in the supplied text.
How to file
Enter your name as shown on your return and your identifying number (SSN or EIN). Complete Schedule A:
- Enter the credit carryover from last year’s Form IT-501 on line 1.
- Enter tax due before credits on line 2 and tax credits claimed before this credit on line 3.
- Subtract line 3 from line 2 and enter the result on line 4.
- Enter the smaller of line 1 or line 4 on line 5. This is the credit used for the current tax year.
- Subtract line 5 from line 1 and enter the result on line 6. This is the credit available to carry over to next year.
Submit Form IT-501 with Form IT-201, IT-203, or IT-205. The supplied text does not specify a mailing address or an e-filing method. It refers to instructions for lines 2, 3, and 5, but those instructions are not available here.
Common mistakes
- Do not submit Form IT-501 by itself. The form says to submit it with Form IT-201, IT-203, or IT-205.
- Do not automatically enter the full carryover on line 5. The form says to enter the smaller of line 1 or line 4.
- Use your name as shown on your return.
Questions people ask
Which deferred credits does this form cover?
It covers nonrefundable credits deferred for tax years beginning on or after January 1, 2010, and before January 1, 2013.
Where do I find the amount for line 1?
Use the temporary deferral nonrefundable payout credit carryover from last year’s Form IT-501.
How much credit can I use for the current tax year?
Line 5 is the smaller of your carryover on line 1 or the amount on line 4. Line 4 is tax due before credits minus the tax credits claimed before this credit. The form also directs you to instructions for line 5, which are not supplied here.
How do I calculate the amount carried over to next year?
Subtract the credit used on line 5 from the carryover on line 1. Enter the result on line 6.