Get Ny It-601 2020

The NY IT-601 is a form used to claim the EZ Wage Tax Credit or the ZEA Wage Tax Credit for eligible tax years. This guide provides a clear, step-by-step process for filling out this form online, ensuring users have the necessary information to complete it accurately.

Follow the steps to successfully complete the NY IT-601 online.

1. Click the ‘Get Form’ button to obtain the form and open it in the editor.
2. Enter your name(s) as shown on your tax return in the designated field, ensuring that it matches the taxpayer identification number shown on your return.
3. If you are a calendar-year filer, mark an X in the appropriate box. If you are filing for a different tax period, enter the beginning and ending dates in the provided fields.
4. Indicate the name of the zone equivalent area (ZEA) or empire zone (EZ) in the specified section. If you have multiple zones, complete Part 3.
5. Provide the date of zone designation in the respective field.
6. For Part 1, compute your credit carryover available for the current tax year by entering the wage tax credit carryforward from the preceding tax year in line 1.
7. Enter the tax calculated from your corresponding form (IT-201, IT-203, or IT-205) in line 2 as per the instructions provided.
8. For line 3, calculate the 50% limitation of your line 2 amount and enter the result. If you are claiming credits from multiple entities, make sure to follow the specific instructions.
9. In line 4, indicate the lesser amount between line 1 and line 3 as the credit available for the current year.
10. Continue filling out the form by calculating the tax due before credits in line 5 and any credits applied against this tax in line 6, following the provided instructions.
11. Calculate the net amount by subtracting line 6 from line 5 and entering that result in line 7.
12. Enter the amount of credit used this year in line 8, which is the lesser of either line 4 or line 7.
13. Finally, in line 9, determine the amount of credit available for carryover by subtracting line 8 from line 1.
14. Once all fields are completed, review your form for accuracy before saving changes. You can choose to download, print, or share the completed form as necessary.

Complete your documents online and ensure timely filing of your tax credits.