Get Ny It-255 2021

This guide provides a clear and supportive approach to completing the NY IT-255 form, which is used to claim the solar energy system equipment credit in New York State. With step-by-step instructions tailored for users of all experience levels, you'll be able to navigate the online form efficiently.

Follow the steps to complete the NY IT-255 form online.

1. Press the ‘Get Form’ button to access the NY IT-255 form and open it in the chosen online interface.
2. Enter your name(s) exactly as shown on your tax return in the designated field.
3. Fill in your Social Security number accurately in the specified area.
4. Indicate whether your solar energy system uses solar radiation to produce energy for heating, cooling, hot water, or electricity for residential use by selecting 'Yes' or 'No'. If you select 'No', you do not qualify for the credit and should stop here.
5. If you selected 'Yes', proceed to Schedule A. Complete the relevant chart for your solar energy system equipment, including the date the equipment was placed in service and qualified expenditures.
6. For each entry, calculate 25% of the qualified expenditures in Column C. Ensure that the total does not exceed $5,000, as outlined in the instructions.
7. If applicable, complete entries for any power purchase agreements or leases in the subsequent sections, following the same instructions as before.
8. Move to the limitation section and record the amounts as instructed, which will contribute to your current year credit in line 1.
9. Fill in line 2 with any carryover credit from last year's Form IT-255.
10. Calculate the total solar energy system equipment credit by adding lines 1 and 2 in line 3.
11. Complete lines 4, 5, and follow the further instructions for subtracting and entering values as required through line 10.
12. Review all entries for accuracy before proceeding to save changes, download the completed form, print it for your records, or share it as necessary.

Complete your NY IT-255 form online today to take advantage of the solar energy system equipment credit.