Form IT-112.1 New York State Resident Credit Against Separate Tax on Lump-Sum Distributions - New York

What Is Form IT-112.1?

This is a legal form that was released by the New York State Department of Taxation and Finance - a government authority operating within New York. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form IT-112.1?
A: Form IT-112.1 is a tax form used in New York State to claim a credit against separate tax on lump-sum distributions.

Q: Who can use Form IT-112.1?
A: New York State residents who received a lump-sum distribution in a tax year can use Form IT-112.1.

Q: What is a lump-sum distribution?
A: A lump-sum distribution is a one-time payment of a large amount from a retirement plan, such as a pension or 401(k).

Q: What is the purpose of Form IT-112.1?
A: The purpose of Form IT-112.1 is to calculate and claim a credit against separate tax on lump-sum distributions.

Q: How do I fill out Form IT-112.1?
A: You will need to provide information about the lump-sum distribution, calculate the separate tax, and determine the credit amount based on the tax rate schedule provided in the form instructions.

Q: When is Form IT-112.1 due?
A: Form IT-112.1 is generally due on the same date as your New York State income tax return, which is usually April 15th.

Q: Can I file Form IT-112.1 electronically?
A: Yes, you can file Form IT-112.1 electronically if you are e-filing your New York State income tax return.

Q: Is Form IT-112.1 applicable for non-residents?
A: No, Form IT-112.1 is only for New York State residents.

Q: Can I claim the credit for lump-sum distributions from other states?
A: No, Form IT-112.1 is specific to lump-sum distributions received in New York State only.