Form It-230 - Separate Tax On Lump-Sum Distributions - 2014
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1
2New York State Department of Taxation and Finance
IT-230
Separate Tax on Lump-Sum Distributions
New York State • New York City
Submit with Form IT-201, IT-203, or IT-205.
Name as shown on return
Identification number
Did you use federal Form 4972 to figure your federal tax on lump-sum distributions?
Part 1 –
(If Yes, submit this form, and a copy of federal Form 4972 with Form IT-201, IT-203, or IT-205.)
Yes
From New York State or the United States or political subdivision.
(If No, do not complete the rest of this form. Your lump-sum distribution does not qualify for the separate tax on lump-sum distributions.)
No
Residents: Complete all of this Form IT-230 using information from federal Form 4972
(see instructions, Form IT-230-I, for assistance)
.
Part-year residents: Complete Part 2 using information from federal Form 4972. Complete Part 3 using information reported
on federal Form 4972 for the period of New York residence only
(see instructions).
Nonresidents: Complete only Part 2, line 1, and the Income percentage schedule on page 3 of Form IT-230-I, Instructions for Form IT-230.
Part 2 – Use this part if you completed Part II on federal Form 4972.
1 Capital gain part from federal Form 4972, Part II, line 6 ......................................................................
.
1
00
2 Multiply line 1 by 5.4% (.054) and enter in New York State column
(New York City and part-year New York City residents
New York City
New York State
use both columns; multiply line 1 by 1.72% (.0172)
.
.
.....................................
2
00
2
00
and enter in New York City column)
Line 2 – New York State column
Line 2 – New York City column
Full-year New York City residents: Enter the line 2, New York
Form IT-201 filers: Enter the line 2, New York State column
amount on Form IT-230-I, Worksheet A, line 1.
City column amount on Form IT-230-I, Worksheet B, line 1.
Part-year New York City residents: Enter the line 2, New York
Form IT-203 filers: Enter the line 2, New York State column
amount on Form IT-230-I, Worksheet C, line 1.
City column amount on Form IT-230-I, Worksheet D, line 1.
Form IT-205 filers: Enter the line 2, New York City column amount
Full-year resident estates or trusts: Enter the line 2, New York
State column amount on Form IT-205, line 7.
on Form IT-205, line 16.
Nonresident estates or trusts or part-year resident
trusts: Include the line 2, New York State column amount
on Form IT-205-A, line 11.
New York State nonresidents, part-year residents, New York State nonresident estates or trusts, or part-year resident trusts: Complete the Income
percentage schedule on page 3 of Form IT-230-I to compute the income percentage to enter on Form IT-203, line 45, and on Form IT-230-I,
Worksheet C, line 6, or Form IT-205-A, Schedule 1, line 12.
Part 3 – Use this part if you were a resident or part-year resident and completed Part III on federal Form 4972.
3 Amount from federal Form 4972, Part III, line 8
.
..........................................................
3
(see instructions)
00
4 Death benefit exclusion
.
..............................................................................................
4
(see instructions)
00
5 Subtract line 4 from line 3
.
....................................................................................
5
00
(total taxable amount)
6 Current actuarial value of annuity from federal Form 4972, Part III, line 11 .........................................
.
6
00
7 Add lines 5 and 6
If this amount is $70,000 or more,
.
(adjusted total taxable amount)
skip lines 8 through 11, and enter this amount on line 12 ................................................................
.
7
00
8 Multiply line 7 by 50% (.50) but do not enter more than 10,000 .....
.
8
00
9 Subtract $20,000 from line 7. If line 7 is $20,000 or less, leave blank
.
9
00
10 Multiply line 9 by 20% (.20) ..................................................... 10
.
00
11 Subtract line 10 from line 8
.
................................................................... 11
00
(minimum distribution allowance)
12 Subtract line 11 from line 7 .................................................................................................................. 12
.
00
13 Federal estate tax attributable to lump-sum distribution ...................................................................... 13
.
00
14 Subtract line 13 from line 12 ................................................................................................................ 14
.
00
(continued on back)
230001140094
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