Get Ny Form It-248 2020

Filling out the NY Form IT-248 can be an essential step for individuals and entities claiming the Empire State film production credit. This guide will help you navigate the process online, ensuring you complete each section accurately and efficiently.

Follow the steps to fill out the NY Form IT-248 online

1. Click ‘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, along with your taxpayer identification number. Ensure that all information is accurately filled out.
3. For fields A and B, input the Empire State film production credit allocation years as indicated on your certificate of tax credit. These fields are crucial for determining your eligibility for the credit.
4. Proceed to Part 1, where you will compute the credit. Start by entering the total Empire State film production credit from your certificate in line 1. Make sure to attach a copy of the certificate.
5. For line 2, input the amount of credit from line 1 that is available for the tax year specified. Follow any specific instructions to ensure accurate reporting.
6. Fill in line 3 with the partner, shareholder, or beneficiary's share of credit derived from line 8. Ensure you include any credits allowed from prior years in line 4.
7. Add lines 2, 3, and 4 together for line 5. This total will be important for calculating the final credit amount.
8. If applicable, enter the credit allocated to beneficiaries in line 6. Subtract this amount from line 5 to find the total Empire State film production credit on line 7.
9. Proceed to Part 2 to report partnership, S corporation, or estate and trust information. Enter the name, type, employer identification number, and current year's share of credit in the appropriate fields.
10. In Part 3, provide details for beneficiaries, including their names and identifying numbers alongside their share of the current year's credit.
11. For Part 4, indicate the amount of credit to be claimed in succeeding tax years. Complete lines 9 and 10 according to the guidance provided.
12. Once all sections have been completed, review your entries for accuracy. Save your changes, and then download, print, or share the completed form as necessary.

Begin filling out your NY Form IT-248 online today for a seamless tax credit submission experience.