IT-601: Claim for EZ Wage Tax Credit (2024)
New York · NY DTF · Used for tax years 2024
Form IT-601 is used to claim the New York EZ Wage Tax Credit, including the ZEA Wage Tax Credit, carried forward from a preceding tax year. It calculates the credit available for the current year, the amount used, and the amount available for carryover.
Who files this form
Form IT-601 is used to claim the EZ wage tax credit, including the ZEA wage tax credit. The 2024 form calculates the credit available from a wage tax credit carryforward from the preceding tax year.
Submit it with Form IT-201, IT-203, or IT-205.
What you'll need
Have these forms and details available to complete IT-601:
- Your Form IT-201, IT-203, or IT-205, including the name and taxpayer identification number shown on that return.
- The amount of your wage tax credit carryforward from the preceding tax year.
- The name and designation date of each zone equivalent area (ZEA) or empire zone (EZ).
- The tax and credit amounts requested in Parts 1 and 2.
For line 2, the form also refers IT-201 filers to Form IT-230-I, Worksheet A, line 1, and IT-203 filers to IT-203-ATT, line 18.
How to file
Submit Form IT-601 with Form IT-201, IT-203, or IT-205.
- Enter your name and taxpayer identification number as shown on your return.
- Calendar-year filers should mark an X in the calendar-year box. Other filers should enter their tax period’s beginning and ending dates.
- Complete Part 1 to calculate the credit available for the current tax year.
- Complete Part 2 to calculate the credit used and the amount carried over.
- If you have multiple zones, complete Part 3 and attach additional sheets if needed.
The supplied form text does not provide a mailing address or e-filing directions.
Common mistakes
- Do not omit the accompanying return: the form says to submit IT-601 with Form IT-201, IT-203, or IT-205.
- Do not skip Part 3 if you have multiple zones. Attach additional sheets if needed.
- Remember to mark the calendar-year box or, for other filers, enter the beginning and ending dates of the tax period.
- If claiming a credit carryforward from more than one entity, line 3 directs you to consult the instructions. Those instructions are not included in the supplied text.
Questions people ask
Does this form include the ZEA wage tax credit?
Yes. The form covers the EZ wage tax credit, including the ZEA wage tax credit.
How is the credit available for the current year calculated?
Line 3 is 50% of the tax entered on line 2. Line 4 is the smaller of your prior-year carryforward on line 1 or the amount on line 3. If the carryforward comes from more than one entity, the form directs you to the instructions.
How much credit can I use this year?
Line 7 subtracts credits applied before this credit from tax due before credits. Line 8 is the smaller of line 4 or line 7 and also refers you to the instructions.
How do I calculate the carryover?
Subtract the credit used on line 8 from the carryforward entered on line 1. Enter the result on line 9.