New York Cover Sheet Section 722 Redemption is a process used by the New York State Department of Taxation and Finance to reduce tax liabilities for taxpayers who have overpaid taxes. This process allows taxpayers to apply for a monetary refund of the amount they have overpaid. There are two types of New York Cover Sheet Section 722 Redemption: the 722-A redemption and the 722-B redemption. The 722-A redemption is for taxpayers who have overpaid state taxes, while the 722-B redemption is for taxpayers who have overpaid taxes on a federal return. Both redemption types require the taxpayer to submit a completed Form 722, which can be found on the New York State Department of Taxation and Finance website. Once the form is submitted, the Department will review the request and issue a refund, if approved.