IT-657: Covid-19 Capital Costs Credit (2024)
New York · NY DTF · Used for tax years 2024
New York Form IT-657 reports the COVID-19 Capital Costs Credit received through a partnership, New York S corporation, estate, or trust. It calculates the credit, allocates shares between beneficiaries and fiduciaries, and reports recapture of revoked credit.
Who files this form
Form IT-657 is used to report the COVID-19 Capital Costs Credit.
Complete Schedule A if you received a share of the credit as a partner in a partnership, a shareholder of a New York S corporation, or a beneficiary of an estate or trust. Schedule B covers the beneficiary’s and fiduciary’s shares of the credit.
The form also includes Schedule D to report revoked credit.
What you'll need
Have the following information ready, as applicable:
- Your name and identifying number as shown on your return.
- For each entity that passed a credit to you: its name, entity type, EIN, certificate number, and your share of the credit.
- For beneficiary allocations: each beneficiary’s name as shown on Form IT-205, Schedule C, identifying number, and share of the credit.
- For revoked credit: the certificate number and amount of revoked credit.
- Totals from any additional Forms IT-657.
How to file
Submit Form IT-657 with Form IT-201, IT-203, IT-204, or IT-205.
For a credit received from an entity, complete Schedule A and total the credit shares on line 2. Fiduciaries carry that amount to line 3 in Schedule B. All others carry it to line 7 in Schedule C.
If reporting revoked credit, total Schedule D on line 10 and report it as follows:
- Individuals, partners, S corporation shareholders, and beneficiaries: Enter the amount and code 657 on Form IT-201-ATT, line 20, or Form IT-203-ATT, line 19.
- Partnerships: Enter the amount and code 657 on Form IT-204, line 148.
- Fiduciaries: Include the amount on Form IT-205, line 12.
Common mistakes
- Do not fill in lines 1 or 6. The 2024 form says to leave both blank because they are not applicable this year.
- Use the name and identifying number shown on your return.
- In Schedule B, use each beneficiary’s name exactly as shown on Form IT-205, Schedule C.
- Do not send every Schedule A total to line 7. The form directs fiduciaries to include the line 2 amount on line 3 instead.
Questions people ask
What entity type code should I use in Schedule A?
Enter P for a partnership, S for an S corporation, or ET for an estate or trust.
What if I received credit from more than one entity?
Complete Schedule A information for each entity. The schedule includes a space for the total from any additional Forms IT-657.
How is the fiduciary’s share calculated?
In Schedule B, enter the line 2 total on line 3. Add the beneficiaries’ credit shares on line 4, then subtract line 4 from line 3. Enter the result on line 5 and line 8.
Where do I report revoked credit?
Use Schedule D. Enter the certificate number and amount of revoked credit, and total the amounts on line 10. The form gives separate directions for carrying that total to your return based on your filer type.