IT-501: Temporary Deferral Nonrefundable Payout Credit (2025)
New York · NY DTF · Used for tax years 2025
Form IT-501 calculates the temporary deferral nonrefundable payout credit used in the current tax year and the amount carried over to next year. It applies to nonrefundable credits deferred for tax years beginning on or after January 1, 2010, and before January 1, 2013.
Who files this form
Form IT-501 is used to calculate the temporary deferral nonrefundable payout credit used this 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.
Submit it with Form IT-201, IT-203, or IT-205.
What you'll need
Have these forms and details ready:
- Last year’s Form IT-501, showing your credit carryover.
- Your Form IT-201, IT-203, or IT-205, including the name(s) and identifying number (SSN or EIN) shown on the return.
- Your tax due before credits and the amount of tax credits claimed before this credit.
The form refers to instructions for the tax due and prior-credit amounts, but those instructions were not provided.
How to file
Submit Form IT-501 with Form IT-201, IT-203, or IT-205.
Complete Schedule A as follows:
- Enter the 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.
- On line 5, enter the smaller of line 1 or line 4. 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.
The provided form does not give a mailing address or e-filing directions.
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 get the carryover 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 this year?
Line 5 directs you to enter the smaller of line 1, your credit carryover, or line 4, your tax due after subtracting the credits claimed before this credit. The form also refers to instructions for this line, which were not provided.
How do I calculate the carryover to next year?
Subtract the credit used on line 5 from the carryover on line 1. Enter the result on line 6.