Get Ny It-217 2022-2025

The NY IT-217 form allows eligible farmers to claim the Farmers' School Tax Credit. This guide provides a clear, step-by-step overview of how to effectively complete this form online, ensuring you maximize your tax benefits.

Follow the steps to successfully complete the NY IT-217 online.

1. Click ‘Get Form’ button to obtain the form and open it in your selected editor.
2. Begin by filling in your name(s) exactly as they appear on your tax return, along with your identifying number listed on the return.
3. Part 1 focuses on eligibility. Answer each question (A through F) carefully. Mark 'Yes' or 'No' based on your situation. If you answer 'No' to any of items A, B, C, or D, you will not qualify for the credit and should stop here.
4. For Part 2, input the total acres of qualified agricultural property you owned during the tax year in line 1. Continue with the required calculations, ensuring that you subtract and multiply as indicated in the instructions.
5. Complete lines 10 through 19 by entering school taxes paid and proceeding through the calculations. Ensure to follow any instructions in parentheses carefully for accuracy.
6. If you were involved in a partnership, S corporation, or estate or trust that owned qualified agricultural property, ensure to fill out Part 3 with the necessary details of the entity such as the name, type, and employer ID number.
7. In Part 4, enter your share of qualified agricultural property and eligible taxes based on your involvement in the partnership or S corporation.
8. If applicable, provide information in Part 5 regarding the beneficiary's share of the properties and taxes associated.
9. For Part 6, if there has been any conversion of agricultural property to nonqualified use, fill out the required calculations for credit recapture.
10. Once all sections are completed, ensure you save your changes. You can then download, print, or share the completed form as needed.

Complete your NY IT-217 form online today to claim your Farmers' School Tax Credit.