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 the IT-112.1 form?
A: IT-112.1 form is the New York State Resident Credit Against Separate Tax on Lump-Sum Distributions form.

Q: Who is eligible to file form IT-112.1?
A: New York residents who receive lump-sum distributions are eligible to file form IT-112.1.

Q: What is a lump-sum distribution?
A: A lump-sum distribution refers to a payment received in a single tax year that is made from a pension, profit-sharing, or retirement plan.

Q: What is the purpose of form IT-112.1?
A: The purpose of form IT-112.1 is to claim a credit against the separate tax on lump-sum distributions imposed by New York State.

Q: What is the separate tax on lump-sum distributions?
A: The separate tax on lump-sum distributions is a tax levied by New York State on certain distributions from qualified retirement plans.

Q: How do I calculate the credit on form IT-112.1?
A: To calculate the credit, you will need to complete the worksheet provided with form IT-112.1 and follow the instructions.

Q: When is the deadline to file form IT-112.1?
A: The deadline to file form IT-112.1 is the same as the deadline for filing your New York State income tax return, which is typically April 15th.

Q: Is form IT-112.1 only for New York State residents?
A: Yes, form IT-112.1 is specifically for New York residents.

Q: Do I need to include any supporting documents with form IT-112.1?
A: Yes, you will need to attach a copy of federal Form 4972 and any other required forms or documentation as specified in the instructions for form IT-112.1.