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

New York State Resident Credit Against Separate Tax on Lump-Sum Distributions
Form IT-112.1 New York State Resident Credit Against Separate Tax on Lump-Sum Distributions Tax Year 2023IT-112.1

Department of Taxation and Finance

New York State Resident Credit
Against Separate Tax on
Lump-Sum Distributions
Tax Law – Section 620-A
	 Name(s) as shown on return		

Identifying number as shown on return

New York State full-year or part-year residents, New York State resident estates or trusts, and part-year resident trusts should use this form
to claim a credit against the New York State separate tax on lump-sum distributions for any income tax imposed by another state, a political
subdivision of that state, the District of Columbia, or a province of Canada on the ordinary income part of a lump-sum distribution derived
from a business, trade, profession, or occupation carried on within that other jurisdiction.
If you elect the capital gain method of reporting the lump-sum distribution on Part 2 of Form IT-230, Separate Tax on Lump-Sum
Distributions, use Form IT-112-R, New York State Resident Credit, or Form IT-112-C, New York State Resident Credit for Taxes Paid to
a Province of Canada, to compute the resident credit on the capital gain part.
Compute the credit for income tax imposed by another state, political subdivision of that state, or the District of Columbia on
the front of this form. If you claim credit for income taxes paid to a province of Canada, use the back of this form.
	1	 Enter the name of the state, local government (including state in
		  which located), or District of Columbia to which tax on the
		  ordinary income part of lump-sum distributions was payable:	
	2	 Enter the amount of tax imposed on the ordinary income part of lump-sum distributions by the above
		  jurisdiction, including the tax on the capital gain part that you elected to treat as ordinary income .............. 	 2	

.00

		 The amount to be entered above is the amount of separate tax on the ordinary income part of lump-sum distributions required to
		  be paid after subtracting any credit against the separate tax (other than prepayments made through withholding or estimated tax).
		If the ordinary income part of a lump-sum distribution is not subject to a separate tax by the above jurisdiction but is included as
		  income under an income tax imposed by the above jurisdiction, determine the amount to be entered above using the following formula:
	
	
	

Amount from federal 	
Form 4972, line 8 that is subject	
to tax by the above jurisdiction	 $	

	

Total income subject to tax	
by the above jurisdiction

$	

Total tax payable
to the above
.00	 X	 jurisdiction	
(after any credits,
.00	
exclusive of
prepayments)

$	

Amount constituting a
separate tax on the
.00	 = ordinary income part of
lump-sum distributions
imposed by the above
jurisdiction (enter on line 2)

	3	 The credit against New York State separate tax on lump-sum distributions may not exceed:
	
(a)	 Amount from Form IT-230,
		
line 3 that is subject to tax
		
by both New York State and
		
the other taxing jurisdiction	 $	
		
		

	

Amount from Form IT-230,	 $	
line 3

.00	
.00

New York State
X amount from	
Form IT-230,
line 24

$	

.00	

=

Credit allowable		 3	

.00

(b)	 The credit allowed may not reduce the New York State separate tax on the ordinary income part of lump-sum distributions to
an amount less than would be due if the ordinary income part of a lump-sum distribution, subject to tax by both New York State
(Tax Law section 603) and by the above jurisdiction, were excluded from New York State separate tax on lump-sum distributions.

	4	 Resident credit claimed against New York State separate tax on lump-sum distributions:
		  Enter amount from line 2 or line 3, whichever is less ......................................................................	 4	
	 
Individuals: Enter the line 4 amount on Form IT-201-ATT, line 27, or Form IT-203-ATT, line 26.
	 
Fiduciaries: Subtract the line 4 amount from the separate tax on lump-sum distributions computed on Form IT‑230,
  and include the net amount on Form IT-205, line 12.
Submit this form and a copy of federal Form 4972 with Form IT‑201, IT‑203, or IT‑205. Failure to do so will delay any refund to which
you may be entitled or, if you owe taxes, could result in late filing penalties.

111001230094

.00

IT-112.1 (2023) (back)

Figuring your resident credit against separate tax on lump-sum distributions paid to a province of Canada
	5	 Enter the name of the province of Canada where tax was paid:
	 6	 Enter (in U.S. dollars) the amount of separate tax on lump-sum distributions paid to the Canadian province,
		  including the tax on the capital gain part you elected to treat as ordinary income......................................... 	 6	

.00

		 The amount to be entered is the amount of separate tax on the ordinary income part of lump-sum
		 distributions required to be paid after subtracting any credit against the separate tax (other than prepayments
		 made through withholding or estimated tax).
		 If the ordinary income part of a lump-sum distribution is not subject to a separate tax by a Canadian province
		 but is included as income under an income tax imposed by the province, determine the amount to be entered
		 above using the following formula:
	
	
	
	

Amount from federal 	
Form 4972, line 8 that is
subject to tax by the above
Canadian province	

	

Total income subject to tax by	
the above Canadian province

$		.00	
$		.00	

Total tax payable to
the above Canadian
	
$	
X province (after any	
credits, exclusive
of prepayments)

.00	

=

Amount constituting a
separate tax on the ordinary
income part of lump-sum
distributions imposed by the
above province of Canada
(enter on line 6)

	7	 Enter the amount from federal Form 1116, Part II, line 8, that pertains to the separate tax on lump-sum
		  distributions paid to the above province......................................................................................................... 	 7	

.00

	 8	 Portion of the Canadian province’s separate tax on lump-sum distributions not claimed as a credit for
		 federal purposes (subtract line 7 from line 6)...................................................................................................... 	 8	

.00

	9	 The credit against New York State separate tax on lump-sum distributions may not exceed:
	
(a)	 Amount from Form IT-230,
		
line 3 that is subject to tax by
		
both New York State and the
		
above Canadian province	 $	
		
		

	

Amount from Form IT-230,	 $	
line 3

.00	
.00

New York State
X amount from	
Form IT-230,
line 24

$	

.00	

= Credit allowable		9	

.00

(b)	 The credit allowed may not reduce the New York State separate tax on the ordinary income part of lump-sum distributions to
an amount less than would be due if the ordinary income part of a lump-sum distribution, subject to tax by both New York State
(Tax Law section 603) and by the Canadian province, were excluded from New York State separate tax on lump-sum distributions.

	10	 Resident credit claimed against New York State separate tax on lump-sum distributions:
			 Enter the amount from line 8 or line 9, whichever is less ...............................................................	 10	

.00	

	

Individuals: Enter the line 10 amount on Form IT-201-ATT, line 27, or Form IT-203-ATT, line 26.

	

Fiduciaries: Subtract the line 10 amount from the separate tax on lump-sum distributions computed on Form IT-230, and
include the net amount on Form IT-205, line 12.

	

If any portion of the Canadian provincial income tax that entitled you to a New York State credit is claimed as a foreign tax credit
on your federal return in a succeeding tax year, the amount claimed here as a credit against New York State tax due must be added
back to your New York State tax liability for that succeeding tax year.

Submit this form, a copy of federal Form 1116, and a copy of federal Form 4972 with Form IT‑201, IT‑203, or IT‑205. Failure to do so will
delay any refund to which you may be entitled or, if you owe taxes, could result in late filing penalties.

111002230094

Extracted from PDF file 2023-new-york-form-it-1121.pdf, last modified November 2006

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More about the New York Form IT-112.1 Individual Income Tax Tax Credit TY 2023

New York State full-year or part-year residents, New York State resident estates or trusts, and part-year resident trusts should use this form to claim a credit against the New York State separate tax on lump-sum distributions for any income tax imposed by another state, a political subdivision of that state, the District of Columbia, or a province of Canada on the ordinary income part of a lump-sum distribution derived from a business, trade, profession, or occupation carried on within that other jurisdiction. If you elect the capital gain method of reporting the lump-sum distribution on Part 2 of Form IT-230, Separate Tax on Lump-Sum Distributions, use Form IT-112-R, New York State Resident Credit, or Form IT-112-C, New York State Resident Credit for Taxes Paid to a Province of Canada, to compute the resident credit on the capital gain part.

We last updated the New York State Resident Credit Against Separate Tax on Lump-Sum Distributions in January 2024, so this is the latest version of Form IT-112.1, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IT-112.1 directly from TaxFormFinder. You can print other New York tax forms here.

Other New York Individual Income Tax Forms:

TaxFormFinder has an additional 271 New York income tax forms that you may need, plus all federal income tax forms.

Form Code	Form Name
Form IT-201	Individual Income Tax Return Tax Return
IT-201-V	Payment Voucher for Income Tax Returns Voucher
Form IT-201-D	Resident Itemized Deduction Schedule (DISCONTINUED)
Form IT-203	Nonresident Income Tax Return Nonresident
Form IT-201-I	Individual Income Tax Return Instructions Tax Return

Download all NY tax forms View all 272 New York Income Tax Forms

Form Sources:

New York usually releases forms for the current tax year between January and April. We last updated New York Form IT-112.1 from the Department of Taxation and Finance in January 2024.

Show Sources >

Form IT-112.1 is a New York Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of New York Form IT-112.1

We have a total of twelve past-year versions of Form IT-112.1 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:

2023 Form IT-112.1

Form IT-112.1 New York State Resident Credit Against Separate Tax on Lump-Sum Distributions Tax Year 2023

2022 Form IT-112.1

Form IT-112.1 New York State Resident Credit Against Separate Tax on Lump-Sum Distributions Tax Year 2022

2021 Form IT-112.1

Form IT-112.1 New York State Resident Credit Against Separate Tax on Lump-Sum Distributions Tax Year 2021

2020 Form IT-112.1

Form IT-112.1 New York State Resident Credit Against Separate Tax on Lump-Sum Distributions Tax Year 2020

2019 Form IT-112.1

Form IT-112.1:2019:New York State Resident Credit Against Separate Tax on Lump-Sum Distributions:it1121

2018 Form IT-112.1

Form IT-112.1:2018:New York State Resident Credit Against Separate Tax on Lump-Sum Distributions:it1121

2017 Form IT-112.1

Form IT-112.1:2017:New York State Resident Credit Against Separate Tax on Lump-Sum Distributions:it1121

2016 Form IT-112.1

Form IT-112.6:2016:New York State Resident Credit Against Separate Tax on Lump-Sum Distributions:IT1121

2015 Form IT-112.1

Form IT-112.1:2015:New York State Resident Credit Against Separate Tax on Lump-Sum Distributions:IT1121

2014 Form IT-112.1

Form IT-112.1:2014:New York State Resident Credit Against Separate Tax on Lump-Sum Distributions:IT1121

2013 Form IT-112.1

Form IT-112.1:2013:New York State Resident Credit Against Separate Tax on Lump-Sum Distributions:IT1121

2012 Form IT-112.1

Form IT-112.1:2012:New York State Resident Credit Against Separate Tax on Lump-Sum Distributions:IT1121

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