IT-662: Child Care Creation and Expansion Credit (2024)
New York · NY DTF · Used for tax years 2024
New York Form IT-662 is used to claim the Child Care Creation and Expansion Credit. It reports certificate information, credit earned or received from another entity, allocations to beneficiaries, and any recapture of credit.
Who files this form
Form IT-662 is used to claim the Child Care Creation and Expansion Credit. The form covers:
- Individuals, including sole proprietors, partnerships, and estates or trusts that earned the credit.
- Partners, shareholders of New York S corporations, and beneficiaries of estates or trusts who received a share of the credit.
All filers must complete line A to indicate whether they earned the credit directly or received a share from another entity.
What you'll need
You must submit a copy of the certificate of tax credit issued by the Office of Children and Family Services (OCFS) with your return.
Have these details ready:
- Your name and identifying number as shown on your return.
- The certified entity’s name, EIN, address, service year, and certificate number from the OCFS certificate.
- If you received a share of the credit: each entity’s name, type, EIN, certificate number, and your share of the credit.
- If you are allocating credit to beneficiaries: their names, identifying numbers, and shares of the credit.
- If recapture applies: the revoked certificate number and amount of credit recaptured.
How to file
Submit Form IT-662 with Form IT-201, IT-203, IT-204, or IT-205, along with a copy of your OCFS tax credit certificate.
To complete IT-662:
- Complete line A and enter the certificate information on lines B through F.
- If you answer Yes on line A, complete Schedules A and D. If you answer No, complete Schedules B and D.
- If you are a fiduciary, also complete Schedule C.
- Complete Schedule E if recapture applies.
The provided form does not give a mailing address or e-file directions.
Common mistakes
- Leaving out the OCFS certificate. The form requires a copy with your return.
- Skipping line A. All filers must complete it.
- Omitting certificate information. Enter the information from your OCFS certificate on lines B through F.
- Missing an additional schedule. Fiduciaries must also complete Schedule C, and all filers must complete Schedule E if applicable.
Questions people ask
Which schedule do I use for a credit I earned directly?
Use Schedule A. Enter the credit from your certificate on line 1, the total from any additional Forms IT-662 on line 2, and add them on line 3.
Where do I report a share of the credit received from another entity?
Use Schedule B. Provide information for each partnership, New York S corporation, or estate or trust. For the entity type, enter P for partnership, S for S corporation, or ET for estate or trust.
How does a fiduciary divide the credit?
In Schedule C, add lines 3 and 4 to get the total on line 5. Enter the total share allocated to beneficiaries on line 6. Subtract line 6 from line 5 to get the fiduciary’s share on line 7, then enter that amount on line 10.
Where do I report recaptured credit?
Complete Schedule E and total the recaptured credit on line 12. Individuals, partners, S corporation shareholders, and beneficiaries report that amount with code 662 on Form IT-201-ATT, line 20, or Form IT-203-ATT, line 19. Partnerships report it with code 662 on Form IT-204, line 148. Fiduciaries include it on Form IT-205, line 12.